ABB shares climb 4% as investors welcome Bjorn Rosengren as its next CEO


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ABB shares climb 4% as investors welcome Bjorn Rosengren as its next CEO

On Monday, the 12th of August 2019, SWX (Swiss Stock Exchange) -listed shares of a Swiss-Swedish multinational automation corporation, ABB, headquartered in Zurich, Switzerland, surged as much as 4% during the premarket trading, as investors appeared to be cheering over a yesterday’s (August 11th) announcement that the Swiss-Swedish engineering group engaged in automation and robotics had poached Bjorn Rosengren from Swedish Sandvik, a mining equipment firm, to be its next chief executive officer.

Monday’s (August 12th) surge of ABB shares, which witnessed its largest intra-day gain since April 16th, was almost entirely prompted by investors’ optimism over an upcoming appointment of the 60-year-old, Swedish veteran, Bjorn Rosengren, as the robotic equipment manufacturer’s new Chief Executive.

Nonetheless, after rising as much as 4 per cent during pre-market trading, the SWX-listed shares of ABB had rounded off Monday’s (August 12th) market with a gain of 3.05 percent to settle down at Swiss Franc 18.06 per share.

As a matter of fact, ABB announced later on Yesterday (August 11th) that the Zurich-based automotive company had absconded with a high-profile CEO of a Swedish mining company, Sandvik, who would be joining the firm by late-February 2020.

Besides, followed by the reveal of ABB move to appoint Bjorn Rosengren as its new Chief Executive, ABB Chairman, Peter Voser, acting as the company CEO in an interim basis, said on Monday (August 12th), “He has a great track record of empowering businesses in a decentralized way, that is what he has done at Sandvik and at his earlier businesses as well,” adding that he was confident he got the right man for the job.