6-K
Abb Ltd (ABBNY)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number 001-16429
ABB Ltd
(Translation of registrant’s name into English)
Affolternstrasse 44, CH-8050, Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether
the registrant files or will file
annual reports under cover of Form 20-F
or Form 40-F.
Form 20-F
☒
Form 40-F
⬜
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
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a Form 6-K if submitted solely to provide
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is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule
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⬜
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permits the submission in paper of
a Form 6-K if submitted to furnish a
report or other
document that the registrant foreign
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and make public under the laws
of the jurisdiction in which the
registrant is incorporated, domiciled
or legally organized (the registrant’s “home country”), or
under the rules of the home country
exchange on which the registrant’s securities are traded,
as long as the report or other document
is not a press release, is not required
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a material event, has already been
the subject
of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate by check mark whether
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Exchange Act of 1934.
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If “Yes” is marked, indicate below the file number assigned to the
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82-
This Form 6-K consists of the following:
1.
Press release issued by ABB Ltd dated
February 23, 2024, titled “ABB
appoints Morten Wierod to succeed Björn
Rosengren as CEO”.
2.
Press release issued by ABB Ltd dated February
23, 2024, titled “ABB publishes
2023 Integrated Report”.
3.
Press release issued by ABB Ltd dated February
23, 2024, titled “Notice of
ABB’s Annual General Meeting on
March 21, 2024”.
The Press release contained in Item
3 above of this Form 6-K makes reference
to the inclusion of the AGM invitation,
however the
invitation is not included in this Form 6-K
but can be found at www.abb.com/agm
2
—
ZURICH, SWITZERLAND,
FEBRUARY 23,
2024
ABB appoints Morten Wierod
to
succeed Björn Rosengren
as CEO
Ad hoc Announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange
The ABB Board of Directors has appointed Morten Wierod as Chief Executive Officer. He will take office
on August 1, 2024, and succeed Björn Rosengren, who will step down from his position
as Chief Executive
Officer effective July 31, 2024, and retire as of December 31, 2024.
From August 1, 2024, until the end of the year, Björn Rosengren will advise and assist Morten Wierod and
the Executive Committee to ensure a seamless transition.
Morten Wierod (52), a Norwegian citizen, has been appointed by the Board following a thorough
selection
process. He joined ABB in 1998 and has been serving as a member of
ABB's Executive Committee since
2019, currently as President of the Electrification Business Area and previously
as President of the Motion
Business Area. Morten Wierod holds a Master's Degree in Electrical Engineering from the Norwegian
University of Science and Technology.
ABB Chairman Peter Voser
said: “I am pleased that after a competitive selection process we are
able to
name an outstanding internal candidate to lead ABB. Morten is a strong
successor to Björn with his deep
understanding of ABB and our decentralized operating model in addition
to his extensive expertise across
our key customer segments and strong performance track record. Under
Morten’s leadership, ABB will
continue to focus on our key priorities while our new financial
and sustainability targets remain firmly in
place.
“At the same time, the Board is extremely grateful to Björn for his outstanding
leadership over the past four
years. He was instrumental in aligning ABB’s business portfolio to our purpose and significantly improving
our financial and sustainability performance thanks to our ABB Way operating model. Björn will hand over
an efficient, more profitable and faster growing ABB.”
Morten Wierod commented: “I am grateful that the Board has given me the opportunity to
lead this great
company with its people and technologies that are at the heart
of building a low-carbon ociety. It has been a
privilege to work alongside Björn over the past years. After
we have set more ambitious financial and
sustainability standards not long ago, I will continue building on our decentralized
operating model to
capture the full potential of our market leading positions in electrification and automation.”
Björn Rosengren commented: “It has been an honor to lead ABB over the past
years and I am convinced that
the company will be in good hands with Morten. Together with our more than 105,000 people, we have
transformed ABB into an agile and purpose-driven leader in electrification
and automation that has an
important role in helping to accelerate the energy transition. I am convinced that
ABB is in a unique position
to seize the opportunities ahead.”
A search process for Morten Wierod’s existing position as Business Area President Electrification will be
launched shortly.
1/2
A full biography of Morten Wierod is available on ABB’s website. High-resolution images can be accessed
here and here.
ABB
is a technology leader in electrification and automation, enabling a
more sustainable and
resource-efficient future. The company’s solutions connect engineering know-how and software to optimize
how things are manufactured, moved, powered and operated. Building on over
140 years of excellence,
ABB’s more than 105,000 employees are committed to driving innovations that accelerate
industrial
transformation. www.abb.com
—
For more information please
contact:
Media Relations
Phone: +41 43 317 71 11
Email: [email protected]
Investor Relations
Phone: +41 43 317 71 11
Email: [email protected]
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
ABB APPOINTS MORTEN WIEROD
TO SUCCEED BJÖRN ROSENGREN
AS CEO
2/2
—
ZURICH, SWITZERLAND, FEBRUARY 23, 2024
ABB publishes 2023 Integrated Report
Ad hoc Announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange
●
Report covers ABB’s 2023 strategy, business, governance, financial and sustainability performance
●
76 percent reduction of scope 1 and 2 GHG emissions since 2019
●
74 megatons CO2e emissions avoided throughout lifetime of products sold in
2023
ABB today published its Integrated Report, which is the company’s primary report at Group level. The
report
integrates the most important material information about the company’s strategy, business, governance as
well as its financial and sustainability performance. In addition to
the Integrated Report, ABB’s 2023 Annual
Reporting Suite published today includes its Financial Report,
Corporate Governance Report, Compensation
Report, Sustainability Report as well as the Form 20-F that was filed with
the United States Securities and
Exchange Commission.
ABB Chairman Peter Voser
said: “By combining our technology leadership in electrification and
automation
with our decentralized ABB Way operating model we create holistic value for our stakeholders while
enabling a more sustainable and resource-efficient future. In 2023, we took advantage
of the positive market
environment and strong secular demand drivers and our financial and sustainability
achievements show that
we are heading in the right direction.”
ABB’s value creation model provides a comprehensive summary of the holistic value the company generates
for all stakeholders across its entire value chain, including customers,
employees, investors and suppliers. It
outlines the inputs that ABB needs to create value and illustrates how
the Group transforms these inputs into
outputs and outcomes through its decentralized operating model.
Commenting on ABB’s achievements in 2023, CEO Björn Rosengren said: “2023 was a record year for
ABB. We delivered strong performance and as a technology leader in electrification and automation, ABB
continued to play a key role in accelerating the energy transition for a net-zero
future. Our solutions helped
to optimize, electrify and decarbonize industry, buildings, power and transport – sectors that together account
for the lion’s share of global energy-related carbon emissions. By doing this, we made the ways we move,
produce, work and live more sustainable and we continued to make good
progress
1/3
towards achieving our sustainability targets. I am proud of the ABB team for delivering such
good results
and creating value for all our stakeholders.”
Good progress towards sustainability goals
As part of ABB’s efforts to enable a low-carbon society,
the company submitted updated CO
2
e emissions
reduction targets aligned with the Net-Zero Standard of the Science-Based Targets initiative (SBTi) for
validation. These targets include ABB’s scope 1 and 2 emissions, which it aims to reduce by 80 percent by
2030 and 100 percent by 2050, compared to a 2019 baseline, as well as
its scope 3 emissions, covering the
rest of its value chain, which it aims to cut by 25 percent by 2030 and 90 percent
by 2050, compared to a
2022 baseline.
In 2023, ABB achieved a reduction of 76 percent in its scope 1 and 2 emissions
compared to 2019 and
scope 3 emissions stayed flat compared to 2022, based on measured energy loss (representative
scenario).
When calculating based on energy input (strict scenario) the company reports an 11 percent increase
in scope
3 emissions compared to 2022.
The company also reduced its energy consumption by 21 percent compared to 2019.
At the end of 2023,
64 percent of ABB’s energy consumption and 94 percent of its electricity came from renewable sources.
In 2023, the products ABB sold to customers will avoid 74 megatons of
emissions over their lifetime. This
contributes to the company’s ambition to support customers in avoiding 600 megatons of GHG emissions
from 2022 to 2030, based on all the products the company expects to sell
over that period.
As part of the preserving resources pillar of its Sustainability Agenda, ABB
further reduced the amount of
waste it sends to landfill to 6.3 percent in 2023, a 40 percent reduction since 2019, while
recycling 86 percent
of its waste. By the end of 2023, ABB had also assessed 31 percent of its product portfolio
as part of its goal
of covering at least 80 percent of its portfolio of products and solutions with
its Circularity Approach by
2030.
Finally, in line with its goal of promoting social progress, in 2023, ABB reduced its rate of lost time caused
by injuries (LTIFR) by 9 percent to industry-leading levels. And it increased the number of women in senior
management positions to 21 percent, up from 17.8 percent in 2022. The company
also expanded its programs
for community engagement to cover education, emergency and disaster relief, community
empowerment,
and environment and conservation, and supported more than 500 community
projects and charities in 2023.
ABB’s full annual reporting suite including the Integrated Report and Sustainability Report can be accessed
and downloaded here: go.abb/reports
ABB
is a technology leader in electrification and automation, enabling a
more sustainable and resource-
efficient future. The company’s solutions connect engineering know-how and software to optimize how
things are manufactured, moved, powered and operated. Building on over 140 years
of excellence, ABB’s
more than 105,000 employees are committed to driving innovations
that accelerate industrial transformation.
www.abb.com
ABB PUBLISHES 2023
INTEGRATED
REPORT
2/3
—
For more information please
contact:
Media Relations
Phone: +41 43 317 71 11
Email: [email protected]
Investor Relations
Phone: +41 43 317 71 11
Email: [email protected]
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
ABB PUBLISHES 2023
INTEGRATED
REPORT
3/3
—
ZURICH, SWITZERLAND, FEBRUARY 23, 2024
Notice of ABB’s
Annual General
Meeting on March
21, 2024
ABB today published the invitation to its Annual General Meeting (AGM),
which will be held on Thursday,
March 21, 2024, at 10:00 a.m. The invitation can be found attached and at go.abb/agm.
The Annual General
Meeting 2024 will be held at Halle 550, Birchstrasse 150, 8050 Zurich,
Switzerland, and will also be
broadcast at go.abb/agm.
Registration and admission cards
Shareholders entered in the share register with the right to vote on
March 13, 2024, 3:00 p.m. (CET), are
entitled to participate in the Annual General Meeting. These shareholders
will receive their admission cards
(by mail) on request, either using the reply form enclosed
to the invitation or electronically (e-voting). The
reply form or a corresponding notification must reach the Company not
later than March 15, 2024 (by mail
or e-voting). Reply forms or notifications arriving after that date will not be
taken into consideration.
Proxy/Voting
If you cannot attend our Annual General Meeting in person, you may
be represented by proxy.
Electronic authorizations/voting and instructions to the independent proxy (e-voting)
Shareholders may use the shareholder platform at www.gvote.ch to either request an admission card or issue
voting instructions to the independent proxy.
The requisite login details are enclosed in the reply form. Shareholders
may vote electronically, or change
any instructions they may have communicated electronically, up to but no later than 11:59 p.m. (CET) on
March 15, 2024. For further information as well as instructions on
how to register and vote electronically,
please refer to go.abb/agm.
Agenda
- Approval of the management report, the consolidated financial
statements and the annual financial
statements for 2023
Consultative vote on the Compensation Report 2023
Consultative vote on the Sustainability Report 2023
Discharge of the Board of Directors and the persons entrusted with management
Appropriation of earnings
Approval of the compensation of the Board of Directors and the Executive
Committee
6.1 Approval of the maximum aggregate amount of compensation of the
Board of Directors for
the next term of office, i. e. from the Annual General Meeting 2024 to the Annual
General
Meeting 2025
6.2 Approval of the maximum aggregate amount of compensation of the Executive
Committee
for the following financial year, i. e. 2025
- Elections to the Board of Directors and election of the Chairman of
the Board of Directors
Elections to the Compensation Committee
Election of the independent proxy
Election of the auditors
ABB
is a technology leader in electrification and automation, enabling a
more sustainable and
resource-efficient future. The company’s solutions connect engineering know-how and software to optimize
how things are manufactured, moved, powered and operated. Building on over
140 years of excellence,
ABB’s more than 105,000 employees are committed to driving innovations that accelerate industrial
transformation. www.abb.com
—
For more information please
contact:
Media Relations
Phone: +41 43 317 71 11
Email: [email protected]
Investor Relations
Phone: +41 43 317 71 11
Email: [email protected]
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
NOTICE OF ABB’S ANNUAL
GENERAL MEETING
ON MARCH 21,
2024
2/2
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant
has duly caused this report to be
signed on its behalf by the undersigned,
thereunto duly authorized.
ABB LTD
Date: February 23, 2024.
By:
/s/ Ann-Sophie Nordh
Name:
Ann-Sofie Nordh
Title:
Group Senior Vice President and
Head of Investor Relations
Date: February 23, 2024.
By:
/s/ Richard A. Brown
Name:
Richard A. Brown
Title:
Group Senior Vice President and
Chief Counsel Corporate & Finance