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| ABB announces CEO resignation; pre-reports results ABB Chief Executive Officer Fred Kindle is leaving the company due to irreconcilable differences about how to lead the company. The Board of Directors named Chief Financial Officer Michel Demaré as interim CEO. Fred Kindle joined the company in September 2004 and took over as President and CEO in January 2005. In addition, ABB pre-announced full-year and fourth-quarter 2007 results. Fourth-quarter orders received were $8.9 billion (full-year 2007: $34.3 billion). Fourth-quarter revenues amounted to $8.7 billion (full-year 2007: $29.2 billion). Earnings before interest and taxes (EBIT) in the quarter reached $1.1 billion (full-year 2007: $4 billion) and the EBIT margin increased to 13.1 percent from 11.1 percent a year earlier (full-year 2007: 13.8 percent). Net income in the fourth quarter amounted to $1.8 billion. Included in net income is a gain on the sale of ABB Lummus Global of $530 million and a positive impact of $475 million from the recognition of deferred tax assets. Full-year 2007 net income amounted to $3.8 billion compared with $1.4 billion in 2006. The ABB Board of Directors will propose a dividend of 0.48 Swiss francs per share to the annual general meeting on May 8, 2008. The dividend will be in the form of a nominal value reduction. write your comments about the article :: © 2008 Construction News :: home page |