Change in Sulzer’s Top Management

02.03.2004

Sulzer Board Member and Chief Executive Officer, Fred Kindle will resign from his functions by midyear 2004. The Board of Directors’ search for a successor from the outside is already well advanced.

The new CEO will be announced within the next few weeks. This ensures that the leadership of the corporation will continue with full competence and without disruption.

Fred Kindle Future CEO of ABB

Mr. Kindle, who decisively contributed to the successful restructuring of the corporation in the last five years, has accepted a new challenge as future president and CEO of ABB Ltd. The Sulzer Board of Directors regrets his decision, but wishes him success in his future endeavor. The Board thanks him for his dedicated leadership and vision during a demanding period. Sulzer is much stronger today as a result.

Successor to be Determined by April

The Sulzer Board of Directors expects to appoint the new CEO, who has in-depth knowledge of Sulzer’s industrial markets, significant international management experience, and a strong track record, by April 2004.

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