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ABB shareholder Cevian fully supports CEO appointment

Reuters - UK Focus
Updated

ZURICH, Aug 12 (Reuters) - Activist investor shareholder Cevian on Monday said it fully supported the appointment of Bjorn Rosengren as the new Chief Executive at ABB.

Cevian, ABB's second largest shareholder with a 5.3% stake, had been critical of ABB's complicated structure and had campaigned for a separation of its power grids business.

"We fully support the appointment of Bjorn Rosengren as new CEO of ABB," said Cevian co-founder Lars Forberg. "He has the right experience and leadership style to successfully drive ABB's transformation and strategy." (Reporting by John Revill Editing by Thomas Seythal)