Statement re Division

ABB Ltd
12 March 2002

ABB puts Financial Services activities under new CFO 

Zurich, Switzerland, March 12, 2002 - ABB, the global power and automation
technology group, said today that it is placing its Financial Services division
under incoming chief financial officer (CFO) and executive vice president Peter
Voser. 

Voser, who joined ABB this month, takes responsibility for the division's four
business areas - Structured Finance, Equity Ventures, Treasury and Insurance,
with immediate effect. The other group financial functions, Controlling,
Corporate Finance & Taxes, Real Estate, Risk Management & Insurance and Value
Services, already report to the CFO. 

The group function Strategy and Ventures, which includes the mergers and
acquisitions unit, will also report to the CFO. 

'Given the increasing need for close coordination of our financial functions and
businesses, we have decided to move them under the leadership and guidance of
the CFO,' said president and chief executive officer Jorgen Centerman. 'This
organizational change will also strengthen the overall control framework.' 

ABB said the Financial Services activities would continue to report as a
division. 

Jan Roxendal, who has successfully headed ABB's financial services activities
since 1991 and been a member of the ABB executive committee since 1998, has
decided to leave the company but has made himself available for a transition
period of three months, ABB said. 

ABB (www.abb.com) is a global leader in power and automation technologies that
enable utility and industry customers to improve performance while lowering
environmental impact. ABB has 155,000 employees in more than 100 countries. 
 
Media Relations: 
ABB Corporate Communications, Zurich 
Thomas Schmidt 
Tel: [phone] 
Fax: [phone] 
[e-mail] 

Investor Relations: 
Switzerland: Tel. [phone] 
Sweden: Tel. [phone] 
USA: Tel. [phone] 
[e-mail] 
 




                      This information is provided by RNS
            The company news service from the London Stock Exchange