Abb Ltd (Adr) (ABBNY) has released an update.
ABB Ltd has announced the commencement of a new share buyback program starting April 1, 2024, with plans to repurchase up to $1 billion worth of shares, representing a maximum of 21.3 million shares. The buyback, aimed at capital reduction, will be conducted on a secondary trading line with the SIX Swiss Exchange and is set to align with the company’s Q4 2024 results and dividend proposal schedule. Additionally, Tarak Mehta, President of ABB’s Motion Business Area, will be leaving the company at the end of July to assume a CEO role elsewhere, ending a 26-year tenure with ABB.
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