ABB Announces Proposed Board, Share Split; Proposals to be Made to March 20 Annual General Meeting of Shareholders.Business/Technology Editors ZURICH, Switzerland--(BUSINESS WIRE)--Feb. 19, 2001 ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s today said the Board of Directors will propose changes in its membership at the annual general meeting of shareholders on March 20, as well as a share split to improve the liquidity of ABB's shares. The company said that Donald Rumsfeld has resigned his membership on the Board as a result of his recent appointment as U.S. Secretary of Defense. In addition, Goran Lindahl and Peter Sutherland Peter Denis Sutherland, KCMG (born April 25 1946) is an Irish businessman and former politician, associated with the Fine Gael party. He is a barrister by profession, and is also Senior Counsel. have both decided not to stand for re-election. The Board proposes the re-election of Percy Barnevik Percy Barnevik (born 1941) is a Swedish business executive, probably best known as the former CEO of ASEA (1980-1987) and Asea Brown Boveri (1988-1996) in Zurich. He was born in Simrishamn in Skåne in Southern Sweden, as the youngest of three children. , Gerhard Cromme, Jurgen Dormann, Martin Ebner, Robert Jeker, Agostino Rocca, Edwin Somm, and Jacob Wallenberg. The Board proposes the election of Jorgen Centerman, ABB's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , to the Board of Directors. The Board intends to re-elect re·e·lect also re-e·lect tr.v. re·e·lect·ed, re·e·lect·ing, re·e·lects To elect again. re Percy Barnevik as Chairman, and Robert Jeker as Vice Chairman. The Board has also proposed a four-to-one share split to reduce the par value of ABB's registered shares to Sfr. 2.50 from Sfr. 10. The split has been proposed to improve the liquidity and marketability Marketability A negotiable security is said to have good marketability if there is an active secondary market in which it can easily be resold. marketability The ease with which an investment may be bought and sold in the secondary market. of ABB's shares. The proposals will be made to ABB Ltd's annual general meeting of shareholders, to be held on March 20 in Zurich, Switzerland, and Vasteras, Sweden. As last year, the two locations will be linked via a live satellite television broadcast. ABB (www.abb.com) serves manufacturing, process and consumer industries, utilities, and the oil and gas sector markets with 160,000 employees in more than 100 countries. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion