ABB has been supplying traction transformers for Alstom’s electrical locomotives for more than a decade and this order confirms our position as a supplier of choice and a reliable long-term technology partner. These state-of-the-art transformers will be locally manufactured and are an example of how ABB delivers differentiated customer value by leveraging its technology strengths and global footprint, as part of our Next Level strategy.

We are pleased that our advanced power technologies will enable the longest UHVDC link in southern China to deliver clean power to millions and lower environmental impact. Ultra-high-voltage technologies are a key element of our Next Level strategy and will help expansive countries like China to reliably and efficiently transport increasing amounts of clean, renewable power over greater distances.

ABB is uniquely positioned to help China achieve the goals of the nation’s 13th Five Year Plan – building a clean, low-carbon, safe and effective modern energy system – in the context of the global Energy and the Fourth Industrial Revolutions. We have a long and successful track record in China, which is one of our key markets. In addition, we have major manufacturing, R&D and engineering hubs in China and we remain committed to continue supporting China as a partner of choice in shaping a stronger, smarter and greener grid.

ABB’s ultrahigh voltage technology advancements and digital solutions are making it possible to integrate more renewable energy and transmit increasing amounts of power over greater distances with minimal losses and uncompromising reliability.

Timo is a seasoned CFO with an impressive global track record. 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. I am delighted to welcome Timo to our Executive Committee in these exciting times as we focus on unlocking maximum value for all shareholders. 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. We wish Eric all the best for the next step of his professional career which he will pursue after the orderly handover process is completed in Q2 2017.

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. I look forward to driving sustainable growth and accelerate value creation across ABB together with the entire management team.

As the pioneering technology leader and global digital champion, we’re happy to support path-breaking research connected to the Energy and Fourth Industrial Revolutions. I congratulate Jef Beerten, whose work stands out for its applicability to real-world problems in the field of power and automation.

I am proud and delighted to be able to accept this exceptional award. I would like to thank ABB for the grant and this unique opportunity to continue my work in the field of electric power systems. This new research challenges previous approaches to modeling, controlling, and operating electrical grids. It reminds us that we have to embrace these changes by challenging existing paradigms and thinking outside of the box.