ABB is transforming its world-wide enterprise around customer groups, aiming to boost growth by helping its customers become more successful in a business environment of accelerating globalisation, deregulation, consolidation and e-business. Its current business segments are being replaced with four customer segments serving end users, working closely with two product segments that also serve all external channel partners, and a financial services segment. This transformation, which will not incur any restructuring charges, will be implemented in most markets by mid-year 2001. The four customer segments – utilities, process industries, manufacturing and consumer industries, and oil, gas & petrochemicals – is aimed to provide end users with faster and easier access to the full range of ABB’s products, services and solutions. The realignment was announced today by Jörgen Centerman, who took over as President and CEO on January 1. He also announced a new executive committee, effective as of 15 January, formed to drive the next stage of ABB’s development. Six of the 11 Executive Committee members are new. A new division, New Ventures Ltd., has been created to act as an incubator for new businesses.