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November 15, 2012 4:31 pm
ABB, the Swiss engineering conglomerate, has appointed Eric Elzvik, an internal candidate, as chief financial officer, replacing Michel Demaré, who is leaving next year to become chairman of Syngenta.
Mr Elzvik, who like ABB is of Swiss-Swedish descent, had previously been chief financial officer of the company’s discrete automation and motion division. He will take up his new post on February 1.
Announcing the appointment, Joe Hogan, ABB’s chief executive, stressed that Mr Elzvik, who has a degree in business administration and international finance from the Stockholm School of Economics, was well versed in the ways of the financial sector.
“Eric is a familiar figure to bankers and the financial community, and his presence guarantees continuity in terms of financial strategy and governance,” he said.
Analysts at Citi welcomed the decision to choose an internal candidate.
“The significant group-wide experience of Mr Elzvik makes him, in our view, a sensible appointment and it should allow for a smooth transition phase,” they wrote in a note to investors.
Mr Elzvik, who is 52, has played a variety of roles at the company since joining in 1984, including being head of corporate development, and head of mergers and acquisitions. He worked in Sweden, Switzerland and Singapore in the process.
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