Morten Wierod assumed the role of CEO at ABB in August 2024, bringing over 25 years of experience within the company. Since joining ABB in 1999, he has held various leadership positions across multiple business sectors, notably the Electrification and Motion division. His extensive international expertise spans Switzerland, China, and Norway.
Before he was appointed CEO, Morten served as a member of the Group Executive Committee and made significant contributions as President of Motion and Managing Director of the Drives and Control Products business units. He holds a master's degree in electrical engineering from the Norwegian University of Science and Technology (NTNU).
Morten Wierod, a visionary Norwegian leader, started his journey with a Master's Degree in Electrical Engineering from the Norwegian University of Science and Technology in 1997. He joined ABB in 1998 and rapidly ascended through the ranks, holding key leadership positions in Norway and China. Wierod has demonstrated a profound commitment to electrification and automation throughout his career.
Building on this strong foundation, Wierod is poised to steer ABB into a new era of innovation and growth, leveraging his exceptional expertise and passion for technology to drive excellence.
Morten Wierod launched his ABB career in 1998, shortly after earning his Master's Degree in Electrical Engineering from the Norwegian University of Science and Technology. He began as Area Sales Manager at ABB AS in Norway, progressing to Export Manager and Local Business Unit Manager for Breakers & Switches.
Morten's international career took off when he joined ABB (China) Ltd., where he held various leadership roles until 2011. He returned to ABB in Switzerland, serving as Managing Director for Control Products and Drives units from 2011 to 2024.
Morten's rapid ascent continued as he led the Motion and Electrification Business Areas at ABB and joined the Group Executive Committee. In August 2024, he was appointed CEO of ABB Ltd.
ABB is spearheading industrial AI innovation through strategic initiatives, collaborations, and solutions. The key highlights include:
AI Innovation Strategy: ABB is driving industrial AI advancements with over 100 ongoing AI projects, focusing on automation, electrification, and robotics. Collaborations and investments integrate AI to enhance efficiency, autonomy, and sustainability across various industries.
AI Accelerator Program: The ABB Industrial AI Accelerator program fosters innovation by engaging startups that bring new, promising AI solutions to industrial challenges. This program accelerates the development of AI technologies in real-world applications.
Greenlytics: This Swedish startup specializes in AI-based forecasting for renewable energy production and consumption, helping ABB optimize its energy management solutions, such as OPTIMAX.
Cobrainer: By applying AI in human resources, Cobrainer has developed the ABB Career app, which aligns employees' skills with suitable job openings.
Dutch Analytics: Their UbiOps platform integrates AI into industrial systems, predicting maintenance needs for cooling systems on ships and enhancing uptime in the maritime industry.
Intelecy: Through machine learning algorithms, Intelecy analyzes manufacturing data to help ABB enhance production processes and predict failures.
OneWatt: Using acoustic AI technology, OneWatt has developed non-invasive predictive maintenance tools for motor health, integrated into ABB's Smart Sensors for proactive fault detection.
Vathos Robotics: This startup focuses on applying AI to robotics and factory automation, with computer vision technology that seamlessly integrates with ABB's robotics applications.
8power: As a provider of self-powered wireless sensor solutions, 8power leverages AI to monitor devices and systems in the oil and gas industry, offering advanced diagnostics without frequent battery replacements.
Industrial Analytics: ABB Ability™ Genix Industrial Analytics and AI Suite optimizes industrial operations by leveraging AI to analyze data, improving productivity, reducing maintenance costs, and extending machine life.
Morten Wierod, ABB's newly appointed CEO, has an estimated net worth of approximately $10 million as of September 30, 2024. His annual remuneration package totals around $5.47 million, comprising a basic salary and incentives. Wierod also has a minor direct investment in ABB stock, accounting for 0.008% of its shares, contributing to his net worth. With a long history at ABB dating back to 1998, Wierod is well-prepared for his leadership role.
Morten Wierod has significantly impacted ABB's business landscape, particularly during his tenure as President of the Electrification Business Area. Under his leadership, ABB has established itself as a global technology leader in electrical distribution and management. Wierod has driven the development of innovative products and solutions that enhance energy efficiency and support a low-carbon society.
His customer-centric approach, which involves addressing specific challenges through tailored solutions, has yielded successful pilot projects. Wierod has positioned ABB for continued growth and leadership in electrification by focusing on sustainability and operational excellence.
ABB has faced several scandals, including bid-rigging, cybersecurity breaches, bribery schemes, and cartel allegations. Additionally, the company has had to contend with significant asbestos liabilities, resulting in financial provisions and reputational challenges.
Bid Rigging Scandal: ABB's subsidiary, ABB MEA, was fined $53 million for participating in a bid-rigging conspiracy on a USAID-funded contract in Egypt. The conspiracy lasted from 1989 to 1996 and suppressed competition for a $135 million contract.
Cyberattack: ABB recently confirmed a cybersecurity incident affecting its operations, reportedly caused by a ransomware attack from the Black Basta group. The attack has impacted multiple systems and locations, delaying projects and disrupting factory operations. ABB is actively working to contain the incident and restore full functionality.
Eskom Corruption Scandal: ABB agreed to pay R2.5 billion in reparations to South Africa for corruption linked to a 2015 Kusile power station deal. The payment addresses kickbacks involving Eskom's former CEO and his stepdaughter's company, Impulse International.
Bribery Scheme Settlement: ABB settled charges with the SEC over a bribery scheme in South Africa, paying $460 million to U.S. authorities. The company had bribed an Eskom official to secure a $160 million contract at Kusile Power Station.
Cartel Allegations: The company faces significant fines for participating in a cartel with four other companies to fix prices and share markets of heating pipes from 1980 to 1989. This cartel hurt competition in the European district heating market.
Asbestos Liabilities: ABB faced controversy when it reported a $470 million charge to account for an increase in asbestos-related claims against its U.S. subsidiary, Combustion Engineering. This brought the asbestos provisions up to $940 million, resulting in a net loss for 2001.