Thu, 10/27/2016 - 07:53

ZURICH, Switzerland (Oct. 27, 2016)—ABB announced that Timo Ihamuotila has been named Chief Financial Officer and member of the Executive Committee, effective April 1, 2017. Ihamuotila succeeds current CFO Eric Elzvik in an orderly transition process. Elzvik will pursue career opportunities outside of ABB after a thorough handover in second quarter of 2017, according to a statement from the company. Ihamuotila is joining ABB from Nokia, where he has held the position of CFO since 2009. Ihamuotila brings with him 26 years of experience in the communications and banking sector and has deep experience in areas as finance, controlling, mergers and acquisitions, commercial, and general management. “Timo is a seasoned CFO with an impressive global track record,” said ABB Chief Executive Officer Ulrich Spiesshofer. “He has extensive and deep experience in all aspects of finance as well as in transforming businesses in times of industrial digitalization. With his wide range of expertise, ranging from financial, to commercial to general management, he is the ideal person to lead our finance organization and partner to drive ABB’s ongoing transformation as leader in the digital industry.” Spiesshofer added, “At the same time I would like to warmly thank Eric Elzvik already now for his long, outstanding commitment and many valuable contributions to ABB over more than three decades. During Eric’s CFO tenure, a new cash culture together with a significant improvement of our Net Working Capital, a fundamental productivity improvement of the finance function and many portfolio actions were successfully established and delivered.” Prior to taking his current role, Ihamuotila held positions at the Finnish communications technology firm that included executive vice president of sales, general manager of a business unit and Group treasurer. Earlier in his career, he held positions at Citibank and Kansallis Bank. He earned a master of science degree in economics and a post-graduate degree in finance from the Helsinki School of Economics. “I’m very pleased to join ABB at such a pivotal stage of its transformation, as it moves to the next level and expands its digital offering, helping its customers harness the Energy and Fourth Industrial Revolutions,” said Ihamuotila. “I look forward to driving sustainable growth and accelerate value creation across ABB together with the entire management team.”