0000950127-01-500344.txt : 20011008
0000950127-01-500344.hdr.sgml : 20011008
ACCESSION NUMBER: 0000950127-01-500344
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20010930
FILED AS OF DATE: 20010918
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ABB LTD
CENTRAL INDEX KEY: 0001091587
STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-16429
FILM NUMBER: 1739697
BUSINESS ADDRESS:
STREET 1: PO BOX 8131
STREET 2: CH 8050
CITY: ZURICH SWITZERLAND
STATE: V8
6-K
1
abb_6k.txt
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of: September 2001
ABB Ltd
---------------------------------------------------
(Exact name of registrant as specified in charter)
N/A
-----------------------------------------------------------
(Translation of registrant's name into English)
P.O. Box 8131, Affolternstrasse 44, CH-8050, Zurich, Switzerland
----------------------------------------------------------------
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
--- ---
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________
This Form 6-K consists of:
1. A press release, dated September 18, 2001, regarding ABB's restated
historical financial statements; and
2. A slide presentation posted on ABB's web site in connection with ABB's
conference call on September 18, 2001.
Press Release ABB
ABB Media Relations ABB Investor Relations
Thomas Schmidt Switzerland: Tel. +41 1 317 7266
Tel: +41 1 317 7354 Sweden: Tel. +46 21 32 5928
Fax: +41 1 317 7958 USA: Tel. +1 203 750 7743
media.relations@ch.abb.com investor.relations@ch.abb.com
For your business editor
ABB releases historical figures, increases transparency
Zurich, Switzerland, September 18, 2001 - ABB, the global power and automation
technology group, today released historical figures restated to reflect its
customer-centric structure.
ABB President and CEO Jorgen Centerman said the figures, restated from 1999,
clarified the size and scope of ABB's divisions, establishing a baseline for the
company's financial reporting going forward.
"Restating ABB's historical financial data according to our new organization
improves transparency by providing a better window on our company and the
metrics we use to guide our business, and also puts our transformation in
context," Centerman said.
"In addition, we are disclosing a separate balance sheet for the Financial
Services division. This allows better tracking of our industrial and financial
activities," Centerman added.
ABB initiated its transformation in January, creating an organization based on
seven divisions. Four end-user divisions serve utilities, process industries,
manufacturing and consumer industries, and the oil, gas and petrochemicals
sectors. Two divisions serve ABB and external channels with power products and
automation products. ABB's Financial Services division is unchanged.
ABB's will report its results according to the new divisional organization for
the first time in its third-quarter announcement on October 24.
ABB (www.abb.com) is a global leader in power and automation technologies that
enable utility and industry customers to improve their performance while
lowering their environmental impact. ABB has 160,000 employees in more than 100
countries.
Division overviews (unaudited)
Please refer to appendix for detailed listing of figures, all of which are
presented as if the Company's new internal structure and transaction flow had
been in place for all periods presented. The Consolidated Financial Statements
for the first half 2001 under the previous structure were already published on
July 24 and can be viewed on ABB's web site: www.abb.com/investorrelations
EBIT excluding capital gains is shown in footnotes only if the aggregate of
these capital gains is material (in any case if it is more than 10% of
divisional EBIT).
Utilities
US$ in millions, except Jan-Jun Jan-Jun Change Change
where indicated 2001 2000 in local
currencies
________________________________________________________________________________
Orders 3'062 3'411 -10% -3%
Revenues 2'551 2'662 -4% 2%
EBIT* 86 154 -44% -42%
EBIT Margin 3.4% 5.8%
* EBIT excluding capital gains in the first six months of 2000: US$ 117 million
The ABB Utilities division serves electric, gas and water industries - whether
state-owned or private, global or local, operating in liberalized or regulated
markets - through a portfolio of capabilities, from essential products to
comprehensive services and systems. The Utilities division has approximately
16,000 employees.
Process Industries
US$ in millions, except Jan-Jun Jan-Jun Change Change
where indicated 2001 2000 in local
currencies
Orders 1'900 1'997 -5% 2%
Revenues 1'570 1'621 -3% 4%
EBIT 71 59 20% 28%
EBIT Margin 4.5% 3.6%
The ABB Process Industries division serves the chemical, pharmaceutical,
petroleum, gas, marine, metals, minerals, mining, cement, pulp, paper and
printing industries with a variety of power and automation technology products.
The division has strong domain expertise and uses its automation, power, supply
chain and service portfolio to create Industrial IT solutions focused on these
customers. The division also has approximately 16,000 employees.
Manufacturing and Consumer Industries
US$ in millions, except Jan-Jun Jan-Jun Change Change
where indicated 2001 2000 in local
currencies
Orders 2'465 3'052 -19% -12%
Revenues 2'362 2'512 -6% 1%
EBIT* 66 91 -27% -24%
EBIT Margin 2.8% 3.6%
* EBIT excluding capital gains in the first six months of 2000: US$ 70 million
The ABB Manufacturing and Consumer Industries division sells products,
solutions and services to improve customer productivity and competitiveness in
areas like automotive industries, telecom, product manufacturing, electronics,
airports, parcel and cargo distribution, public and commercial buildings. It
also provides air handling solutions for industrial and environmental processes.
The division employs approximately 32,000 people.
Oil, Gas and Petrochemicals
US$ in millions, except Jan-Jun Jan-Jun Change Change
where indicated 2001 2000 in local
currencies
Orders 1'990 1'991 0% 3%
Revenues 1'548 1'212 28% 34%
EBIT 88 65 35% 41%
EBIT Margin 5.7% 5.4%
The ABB Oil, Gas and Petrochemicals division focuses on systems, products and
services for oil and gas drilling both offshore and onshore, and the development
and supply of offshore production installations, refineries and petrochemical
plants worldwide. The division employs approximately 13,000 people.
Power Technology Products
US$ in millions, except Jan-Jun Jan-Jun Change Change
where indicated 2001 2000 in local
currencies
Orders 2'134 2'206 -3% 2%
Revenues 1'814 1'768 3% 9%
EBIT 132 141 -6% -2%
EBIT Margin 7.3% 8.0%
The ABB Power Technology Products division covers the entire spectrum of
technology for power transmission and power distribution. It includes
transformers, switchgear, breakers, capacitors, cables as well as other products
and technologies for high- and medium-voltage applications. All products are
currently developed to fit into a common Industrial IT architecture. The
increased use of Information Technology (IT), including online product
configurators, enables ABB Power Technology Products to deliver within
best-in-class cycle times. The division focuses on customers such as industrial,
commercial, utilities and external channel partners, e.g. distributors, system
integrators, contractors and OEMs (original equipment manufacturers). It has
approximately 29,000 employees.
Automation Technology Products
US$ in millions, except Jan-Jun Jan-Jun Change Change
where indicated 2001 2000 in local
currencies
Orders 2'687 2'839 -5% 1%
Revenues 2'572 2'544 1% 8%
EBIT 219 223 -2% 5%
EBIT Margin 8.5% 8.8%
The ABB Automation Technology Products division provides products, systems,
software and services for the automation and optimization of discrete, process
and batch manufacturing operations plus related business aspects. Key
technologies include measurement control, instrumentation, process analysis,
drives and motors, power electronics, robots, and low-voltage products; all
geared toward one common industrial IT architecture for real-time automation and
information solutions across the business enterprise. These technologies are
sold both through third-party channels (OEM's, system integrators, distributors)
and through the ABB end-user divisions. It has approximately 43,000 employees.
Financial Services
US$ in millions, except Jan-Jun Jan-Jun Change Change
where indicated 2001 2000 in local
currencies
Revenues 1'019 984 4% 9%
EBIT 203 188 8% 17%
The ABB Financial Services division supports its internal and external customers
with innovative financial solutions in structured finance, leasing, project
development and ownership, financial consulting, insurance and treasury
activities. The division employs approximately 1,200 people.
Important dates
October 24, 2001 9 months 2001 results
October 29-30, 2001 Analyst Days in Zurich
October 29 Media Briefing in Zurich
Conference call
Details of today's conference call are as follows:
Time: Conference call begins at 4:00 p.m. CET (Central European Time)
3:00 p.m. UK time
10:00 a.m. EST (Eastern Standard Time)
Dial-in: +41 91 610 4111 (if calling from Europe)
+1 412 858 4600 (if calling from the US)
Please ask to be connected to the conference call
Replay: +41 91 610 2500 access code: 143 (if calling from Europe)
+1 412 858 1440 access code: 143 (if calling from the US)
The replay will be available for 72 hours commencing 2 hours after
the conference
Literature: Presentation material will be available in .pdf format
on September 18 at 12:00 a.m. CET on ABB's web site:
www.abb.com/investorrelations
Appendix
Division data (unaudited)
Presented according to the new organizational
structure of ABB Ltd
Orders received
-----------------------------------------------------------------------------------------
2001 | 2000 | 1999
US $ in millions Jan-Jun Jan-Mar | Jan-Dec Jan-Sep Jan-Jun Jan-Mar | Jan-Dec
-----------------------------------------------------------------------------------------
Utilities 3,062 1,700 | 6,235 4,710 3,411 1,686 | 5,981
Process Industries 1,900 1,055 | 3,497 2,818 1,997 990 | 3,525
Manufacturing and Consumer Industries 2,465 1,337 | 5,485 4,283 3,052 1,547 | 6,046
Oil, Gas and Petrochemicals 1,990 961 | 3,923 3,197 1,991 1,117 | 3,030
Power Technology Products 2,134 1,105 | 4,071 3,059 2,206 1,027 | 3,841
Automation Technology Products 2,687 1,419 | 5,421 4,184 2,839 1,457 | 5,622
Financial Services 1,019 479 | 1,966 1,318 984 453 | 1,687
Corporate / Other 1) -2,609 -1,270 | -5,158 -4,076 -2,833 -1,136 | -5,099
-----------------------------------------------------------------------------------------
Total 12,648 6,786 | 25,440 19,493 13,647 7,141 | 24,633
=========================================================================================
Revenues
-----------------------------------------------------------------------------------------
2001 | 2000 | 1999
US $ in millions Jan-Jun Jan-Mar | Jan-Dec Jan-Sep Jan-Jun Jan-Mar | Jan-Dec
-----------------------------------------------------------------------------------------
Utilities 2,551 1,196 | 5,473 3,898 2,662 1,288 | 5,875
Process Industries 1,570 775 | 3,339 2,422 1,621 794 | 3,485
Manufacturing and Consumer Industries 2,362 1,163 | 5,225 3,665 2,512 1,184 | 5,697
Oil, Gas and Petrochemicals 1,548 769 | 2,796 1,829 1,212 529 | 3,086
Power Technology Products 1,814 855 | 3,662 2,626 1,768 806 | 3,862
Automation Technology Products 2,572 1,276 | 5,175 3,796 2,544 1,242 | 5,550
Financial Services 1,019 479 | 1,966 1,318 984 453 | 1,687
Corporate / Other 1) -2,337 -1,133 | -4,669 -3,337 -2,235 -1,037 | -4,886
-----------------------------------------------------------------------------------------
Total 11,099 5,380 | 22,967 16,217 11,068 5,259 | 24,356
=========================================================================================
1) Corporate/Other includes Corporate/holdings, Group Processes, New Ventures,
Corporate R&D, service business not specific to other divisions and
elimination of internal transactions
Division data (unaudited)
Presented according to the new organizational structure of ABB Ltd
EBIT
-----------------------------------------------------------------------------------------
2001 | 2000 | 1999
US $ in millions Jan-Jun Jan-Mar | Jan-Dec Jan-Sep Jan-Jun Jan-Mar | Jan-Dec
-----------------------------------------------------------------------------------------
Utilities 2) 86 40 | 250 196 154 46 | 182
Process Industries 71 35 | 88 75 59 30 | 123
Manufacturing and Consumer Industries 3) 66 37 | 205 137 91 40 | 147
Oil, Gas and Petrochemicals 88 41 | 157 101 65 30 | 165
Power Technology Products 4) 132 64 | 244 170 141 54 | 282
Automation Technology Products 219 112 | 464 337 223 101 | 392
Financial Services 203 84 | 349 250 188 84 | 337
Corporate / Other 1) -239 -79 | -372 -228 -130 -70 | -506
-----------------------------------------------------------------------------------------
Total 5) 626 334 | 1,385 1,038 791 315 | 1,122
=========================================================================================
1) Corporate/Other includes Corporate/holdings, Group Processes, New Ventures,
Corporate R&D, service business not specific to other divisions and
elimination of internal transactions
Aggregated capital gains on divisional level are shown only if they are
material, in any case if they are above 10% of divisional EBIT
2) Contains material capital gains of US$ 37 million in the first 6 months of
2000, US$ 46 million in the first 9 months of 2000 and US$ 54 million for
the full year 2000
3) Contains material capital gains of US$ 13 million in the first 3 months of
2000, US$ 21 million in the first 6 months of 2000, US$ 21 million in the
first 9 months 2000 and US$ 41 million for the full year 2000
4) Contains material capital gains of US$ 30 million for the full year 1999.
5) Total capital gains amounted to US$ 180 million in 1999. Total capital gains
in 2000 were US$ 24 million for the first 3 months, US$ 184 million in the
first 6 months, US$ 340 million in the first 9 months and US$ 447 million
for the full year. In the first 3 months of 2001 total capital gains were
US$ 2 million and in the first 6 months of 2001 they amounted to US$ -6
million.
Division data (unaudited)
Presented according to the new organizational structure of ABB Ltd
Depreciation & amortization
------------------------------------------------------------------------
2001 | 2000
US $ in millions Jan-Jun Jan-Mar | Jan-Dec Jan-Sep
-------------------------------------------------------------------------
Utilities 36 18 | 75 50
Process Industries 35 17 | 73 51
Manufacturing and Consumer Industries 25 12 | 59 41
Oil, Gas and Petrochemicals 37 17 | 69 45
Power Technology Products 58 29 | 123 92
Automation Technology Products 115 61 | 264 162
Financial Services 12 6 | 23 17
Corporate / Other 1) 66 30 | 150 117
------------------------------------------------------------------------
Total 384 190 | 836 575
========================================================================
Depreciation & amortization
-------------------------------------------
2000 | 1999
US $ in millions Jan-Jun Jan-Mar | Jan-Dec
-------------------------------------------
Utilities 34 17 | 68
Process Industries 33 17 | 59
Manufacturing and Consumer Industries 28 14 | 66
Oil, Gas and Petrochemicals 29 15 | 55
Power Technology Products 62 31 | 121
Automation Technology Products 121 53 | 279
Financial Services 12 7 | 17
Corporate / Other 1) 58 45 | 130
-------------------------------------------
Total 377 199 | 795
===========================================
Capital expenditures Net operating assets 2)
----------------------------------- ------------------------------
2000 1999 2000 1999
US $ in millions, except for employees Jan-Dec Jan-Dec Dec 31 Dec 31
----------------------------------- ------------------------------
Utilities 26 42 1,018 912
Process Industries 27 40 839 795
Manufacturing and Consumer Industries 33 43 411 634
Oil, Gas and Petrochemicals 30 48 893 554
Power Technology Products 105 162 1,328 1,483
Automation Technology Products 139 190 3,215 3,388
Financial Services 25 47 9,098 7,750
Corporate / Other 1) 100 94 -2,170 -2,372
----------------------------------- ------------------------------
Total 485 666 14,632 13,144
=================================== ==============================
Number of employees
-----------------------------------
2001 2000
US $ in millions, except for employees June 30 Dec 31
-----------------------------------
Utilities 16,273 15,826
Process Industries 15,862 15,997
Manufacturing and Consumer Industries 32,058 33,449
Oil, Gas and Petrochemicals 12,628 11,549
Power Technology Products 28,709 27,785
Automation Technology Products 42,693 41,332
Financial Services 1,209 1,125
Corporate / Other 1) 14,406 13,755
-----------------------------------
Total 163,838 160,818
===================================
1) Corporate/Other includes Corporate/holdings, Group Processes, New Ventures,
Corporate R&D, service business not specific to other divisions and
elimination of internal transactions
2) Net operating assets is calculated based upon total assets (excluding cash
and equivalents, marketable securities, current loans receivable, taxes and
deferred charges) less current liabilities (excluding borrowings, taxes,
provisions and pension related liabilities)
Balance sheets of ABB Ltd Consolidated, ABB Group and Financial Services
(unaudited)
In the balance sheet data appearing on this page, "ABB Ltd Consolidated" means
the accounts of ABB Ltd and all its subsidiaries presented on the basis of US
GAAP, with all significant intercompany balances eliminated in consolidation.The
balance sheet data for "Financial Services" and "ABB Group" is reported on the
same basis as management uses to evaluate segment performance which includes the
following adjustments:
- "Financial Services" represents the accounts of all subsidiaries in ABB's
Financial Services division, with net intercompany balances and certain
capital contributions received from other ABB subsidiaries presented on a
one-line basis.
- "ABB Group" represents the accounts of ABB Ltd and all its subsidiaries
other than those in ABB's Financial Services division, with net
intercompany balances and ABB's investment in its Financial Services
division presented on a one-line basis. For the purposes of this
presentation, ABB's investment in its Financial Services division is
accounted for under the equity method of accounting.
----------------------------- ----------------------------
ABB Ltd Consolidated ABB Group1)
US $ in millions Jun 30, 2001 Dec 31, 2000 Jun 30, 2001 Dec 31, 2000
----------------------------- ----------------------------
Cash, cash equivalents and marketable securities 5,506 5,606 1,368 1,285
Receivables, net 8,473 8,328 6,356 6,652
Inventories, net 3,456 3,192 3,456 3,192
Prepaid expenses and other 2,578 1,585 1,198 1,067
----------------------------- ----------------------------
Total current assets 20,013 18,711 12,378 12,196
============================= ============================
Financing receivables 4,300 3,875 486 541
Property, plant and equipment, net 2,975 3,243 2,888 3,177
Goodwill and other intangible assets, net 3,391 3,155 3,312 3,067
Investments and other 2,051 1,978 1,437 1,350
Net intercompany balances - - - -
----------------------------- ----------------------------
Total assets 32,730 30,962 20,501 20,331
============================= ============================
Accounts payables, trade 3,584 3,375 3,558 3,347
Accounts payables, other 2,326 2,363 1,435 1,512
Short term borrowings 6,388 3,587 336 397
Accrued liabilities and other 6,957 6,127 3,982 4,303
----------------------------- ----------------------------
Total current liabilities 19,255 15,452 9,311 9,559
============================= ============================
Long term borrowings 4,416 3,776 668 509
Pensions and other related benefits 1,640 1,790 1,634 1,783
Deferred taxes 1,301 1,528 591 694
Other liabilities 2,615 2,924 2,145 2,350
Net intercompany balances - - 2,749 44
----------------------------- ----------------------------
Total liabilities 29,227 25,470 17,098 14,939
============================= ============================
Minority interest 290 321 190 221
Total stockholders' equity 3,213 5,171 3,213 5,171
----------------------------- ----------------------------
Total liabilities and stockholders' equity 32,730 30,962 20,501 20,331
============================= ============================
------------------------------
Financial Services
US $ in millions Jun 30, 2001 Dec 31, 2000
------------------------------
Cash, cash equivalents and marketable securities 4,138 4,321
Receivables, net 2,117 1,676
Inventories, net - -
Prepaid expenses and other 1,380 518
------------------------------
Total current assets 7,635 6,515
==============================
Financing receivables 3,814 3,334
Property, plant and equipment, net 87 66
Goodwill and other intangible assets, net 79 88
Investments and other 614 628
Net intercompany balances 4,628 2,105
------------------------------
Total assets 16,857 12,736
==============================
Accounts payables, trade 26 28
Accounts payables, other 891 851
Short term borrowings 6,052 3,190
Accrued liabilities and other 2,975 1,824
------------------------------
Total current liabilities 9,944 5,893
==============================
Long term borrowings 3,748 3,267
Pensions and other related benefits 6 7
Deferred taxes 710 834
Other liabilities 470 574
Net intercompany balances - -
------------------------------
Total liabilities 14,878 10,575
==============================
Minority interest 100 100
Total stockholders' equity 1,879 2,061
------------------------------
Total liabilities and stockholders' equity 16,857 12,736
==============================
1) ABB Industrial operations/holdings with equity accounting of participation
in Financial Services.
Analysts' Telephone Conference
September 18, 2001
Jorgen Centerman
ABB President and CEO
Safe Harbor Statement
--------------------------------------------------------------------------------
This presentation includes forward-looking information and statements that are
subject to risks and uncertainties that could cause actual results to differ.
These statements are based on current expectations, estimates and projections
about global economic conditions, the economic conditions of the regions and
industries that are major markets for ABB Ltd and ABB Ltd's lines of business.
These expectations, estimates and projections are generally identifiable by
statements containing words such as "expects", "believes", "estimates" or
similar expressions. Important factors that could cause actual results to differ
materially from those expectations include, among others, economic and market
conditions in the geographic areas and industries that are major markets for
ABB's businesses, market acceptance of new products and services, changes in
governmental regulations, interest rates, and fluctuation in currency exchange
rates. Although ABB Ltd believes that its expectations reflected in any such
forward looking statement are based upon reasonable assumptions, it can give no
assurance that those expectations will be achieved.
Increased transparency
---------------------------------------------------------------------
o Comparable divisional figures restated from 1999
o More detailed financial and non-financial information
-- Separate balance sheet for Financial Services and
industrial divisions
-- Material capital gains per division
-- At Q3: customer penetration, customer accounts,
progress in Industrial IT
o More transparency on debt
Our disclosure commitment
---------------------------------------------------------------------
Reporting level Quarterly Annual
Group
Other Income: capital gains, restructuring, income from X**
equity-accounted companies and licenses
Divisions
Orders received X
Revenues X
EBIT X
Material capital gains* X**
Depreciation/amortization X
Capital expenditure X
Net operating assets X
No. of employees X**
Financial Services
Separate balance sheet X**
Business Areas
Orders received X**
*defined as 10% or more of EBIT ** New disclosure
Aim with the transformation
-----------------------------------------------------------------------
More business and profit per customer
Leaner organization
Leaner organization
-------------------------------------------------------------------------
Example: Traction Transformers Production
Major achievements
o Throughput time from 6 months to less than 8 weeks
o Standardization with
4 modular basic designs covering
-- 65 different requirements
-- >80% of the needs
in world market
Total cost reduction 25%
From 4 mixed sites to
1 focused factory
[Map of Europe reflecting moves from Sweden, Germany and Italy to Switzerland.]
Channel partner
--------------------------------------------------------------------------------
Example: ABB and Bechtel
o A multi-project-acquisition agreement (MPA) for ABB's generator circuit
breakers (GCB)
-- high-tech breaker that protects generator and power transformer
in a power plant
-- agreement is non-exclusive
o Mutual benefits: price consistency, process improvement
which lowers overall costs, fast delivery
o Bechtel adapted its worldwide design for power plants to
generator circuit breakers
Under the agreement
Bechtel already ordered
approx. 45 GCB/15 MUSD
Customer penetration - first indicators
--------------------------------------------------------------------------
Reviewed 50 of our large customers
o First 6 months overall order volume
improved by around 150 USD
o Penetration rate increased by more than 10%
ABB
A global leader
in power and automation technologies
that enable utility and industry customers
to improve their performance
while lowering their environmental impact
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ABB LTD
Date: September 18, 2001 By: /s/ Francois Champagne
-----------------------------------
Name: Francois Champagne
Title: Group Assistant Vice
President
By: /s/ Hans Enhorning
-----------------------------------
Name: Hans Enhorning
Title: Group Vice President