Percy Barnevik: Difference between revisions
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{{Short description|Swedish businessman | {{Short description|Swedish businessman (1941–2025)}} | ||
{{ | {{Sources|date=July 2025}} | ||
{{Use dmy dates|date= | {{Use dmy dates|date=July 2025}} | ||
{{Infobox person | {{Infobox person | ||
| name = Percy Barnevik | | name = Percy Barnevik | ||
| image = | | image = Barnevik at Internationales Management Symposium 1996.png | ||
| alt = | | alt = Bearded caucasian male, in his fifties, wearing a suit making a speech; his image is projected on a large screen behind him | ||
| caption = | | caption = Barnevik in 1996 | ||
| birth_name = | | birth_name = | ||
| birth_date = {{ | | birth_date = {{birth date|1941|2|13|df=y}} | ||
| birth_place = [[Simrishamn]], | | birth_place = [[Simrishamn]], Sweden | ||
| death_date = | | death_date = {{death date and age|2025|7|18|1941|2|13|df=y}} | ||
| death_place = | | death_place = | ||
| nationality = Swedish | | nationality = Swedish | ||
| other_names = | | other_names = | ||
| occupation = | | occupation = Business executive | ||
| years_active = | | years_active = | ||
| known_for = | | known_for = | ||
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}} | }} | ||
'''Percy Nils Barnevik''' [[HonFREng]]<ref name="raeng1">{{cite web|title=List of Fellows|url=http://www.raeng.org.uk/about-us/people-council-committees/the-fellowship/list-of-fellows}}</ref> ( | '''Percy Nils Barnevik''' [[HonFREng]]<ref name="raeng1">{{cite web|title=List of Fellows|url=http://www.raeng.org.uk/about-us/people-council-committees/the-fellowship/list-of-fellows|access-date=28 October 2014|archive-date=8 June 2016|archive-url=https://web.archive.org/web/20160608094405/http://www.raeng.org.uk/about-us/people-council-committees/the-fellowship/list-of-fellows|url-status=dead}}</ref> (13 February 1941 – 18 July 2025) was a Swedish business executive, best known as CEO and later chairman of [[ABB]], and for being the centre of a giant pension dispute that shook Sweden in 2002.<ref>{{cite news |date=18 April 2010 |title=The man who fell to Earth: knives are out for a corporate legend |url=https://www.independent.co.uk/news/business/analysis-and-features/the-man-who-fell-to-earth-knives-are-out-for-a-corporate-legend-657924.html |url-status=dead |archive-url=https://web.archive.org/web/20100418074408/http://www.independent.co.uk/news/business/analysis-and-features/the-man-who-fell-to-earth-knives-are-out-for-a-corporate-legend-657924.html |archive-date=18 April 2010 |access-date=13 May 2012}}</ref> He was the co-founder of the non-profit organization Hand in Hand.<ref>{{cite web|title=Hand in Hand International Founders|url=http://www.hihinternational.org/Who-We-Are/HiH-International/Founders.aspx|access-date=4 April 2014|archive-date=31 July 2014|archive-url=https://web.archive.org/web/20140731165830/http://www.hihinternational.org/Who-We-Are/HiH-International/Founders.aspx|url-status=dead}}</ref><ref>{{cite web|title=Corporate Titan Percy Barnevik's $50 Million Bet on Poverty Reduction|url=https://www.forbes.com/sites/kerryadolan/2014/05/28/corporate-titan-percy-barneviks-50-million-bet-on-poverty-reduction/|website=[[Forbes]]}}</ref> | ||
==Background== | ==Background== | ||
Born in [[Simrishamn]] in southern Sweden, the youngest of three children, he grew up in [[Uddevalla]], north of [[Gothenburg]], where his parents operated a small printing company. Barnevik was educated at the [[University of Gothenburg]]'s [[School of Business, Economics and Law]] and at [[Stanford Graduate School of Business]]. He | Born in [[Simrishamn]] in southern Sweden, the youngest of three children, he grew up in [[Uddevalla]], north of [[Gothenburg]], where his parents operated a small printing company. Barnevik was educated at the [[University of Gothenburg]]'s [[School of Business, Economics and Law]] and at [[Stanford Graduate School of Business]]. He received seven honorary doctorates in Sweden, Finland and the U.S., including from [[Linköping University]] (1989) and the [[University of Gothenburg]] (1991).<ref>{{cite web|title=Honorary doctors at Linköping University|url=https://liu.se/en/article/honorary-doctors|publisher=Linköping University|access-date=1 February 2018|archive-date=2 February 2018|archive-url=https://web.archive.org/web/20180202072251/https://liu.se/en/article/honorary-doctors|url-status=dead}}</ref><ref>{{cite web|title=Hedersdoktorer [Honorary Doctors]|url=https://handels.gu.se/om_handelshogskolan/fakta_+och+_historia/hedersdoktorer|publisher=University of Gothenburg, School of Business, Economics and Law|access-date=1 February 2018|language=sv}}</ref>{{Citation needed|date=June 2010}} In 1993, Barnevik received the [[IEEE Engineering Leadership Recognition Award]].<ref>{{cite web|url=http://www.ieee.org/documents/weber_rl.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.ieee.org/documents/weber_rl.pdf |archive-date=9 October 2022 |url-status=dead |title=IEEE Ernst Weber Engineering Leadership Recognition Recipients |publisher=IEEE |access-date=20 November 2010}}</ref> | ||
==Career== | ==Career== | ||
Barnevik started his professional career in the Swedish company Datema, but soon moved to [[Sandvik]]. In [[Sandviken]], where between the years 1969 and 1970 he hired over 150 people, his employees said "he has some kind of magic in him—you just can't refuse his offer." He developed unique relationships with many of his colleagues which helped him to improve the communication. In 1975, he was promoted to CEO of Sandvik's American operations, Sandvik Steel. Within the next four years he tripled the revenues, grossing $250 million, and turned the company profitable. During his work in the United States, Sandvik started competing against the industry leaders, such as [[General Electric]] and [[U.S. Steel]]. | Barnevik started his professional career in the Swedish company Datema, but soon moved to [[Sandvik]]. In [[Sandviken]], where between the years 1969 and 1970 he hired over 150 people, his employees said "he has some kind of magic in him—you just can't refuse his offer." He developed unique relationships with many of his colleagues which helped him to improve the communication. In 1975, he was promoted to CEO of Sandvik's American operations, Sandvik Steel. Within the next four years he tripled the revenues, grossing $250 million, and turned the company profitable. During his work in the United States, Sandvik started competing against the industry leaders, such as [[General Electric]] and [[U.S. Steel]]. | ||
In 1979 he joined [[ASEA]], a leading Swedish heavy industrial company based in [[Västerås]]. In 1987 he decided to merge with its Swiss competitor – [[Brown, Boveri & Cie]]. It was the largest merger at that time. He held the position of CEO of ASEA 1980–87, was CEO of ABB from 1988 to 1996. He was Chairman of Sandvik 1983–2002, Chairman of [[Skanska]] 1992–1997, Chairman of [[Investor AB]] 1997–2002, Chairman of [[AstraZeneca]] 1999–2004,<ref>[http://www.astrazeneca.at/Documents/AZNews/L040311LouisSchweitzer.doc] {{webarchive|url=https://web.archive.org/web/20071202004831/http://www.astrazeneca.at/Documents/AZNews/L040311LouisSchweitzer.doc|date=2 December 2007}}</ref> Chairman of ABB 1996–2002, Member of the Board of [[DuPont]], USA 1991–1998 and Member of the Board of [[General Motors]], USA 1996–2009. He was also a regular [[Bilderberg Group]] [[List of Bilderberg attendees|attendee]] 1992–2001 and belonged to the group's Steering Committee.<ref>{{cite web|url=http://www.bilderbergmeetings.org/former-steering-committee-members.html|title=Former Steering Committee Members|work=bilderbergmeetings.org|publisher=[[Bilderberg Group]]|access-date=2014 | In 1979 he joined [[ASEA]], a leading Swedish heavy industrial company based in [[Västerås]]. In 1987 he decided to merge with its Swiss competitor – [[Brown, Boveri & Cie]]. It was the largest merger at that time. He held the position of CEO of ASEA 1980–87, was CEO of ABB from 1988 to 1996. He was Chairman of Sandvik 1983–2002, Chairman of [[Skanska]] 1992–1997, Chairman of [[Investor AB]] 1997–2002, Chairman of [[AstraZeneca]] 1999–2004,<ref>[http://www.astrazeneca.at/Documents/AZNews/L040311LouisSchweitzer.doc] {{webarchive|url=https://web.archive.org/web/20071202004831/http://www.astrazeneca.at/Documents/AZNews/L040311LouisSchweitzer.doc|date=2 December 2007}}</ref> Chairman of ABB 1996–2002, Member of the Board of [[DuPont]], USA 1991–1998 and Member of the Board of [[General Motors]], USA 1996–2009. He was also a regular [[Bilderberg Group]] [[List of Bilderberg attendees|attendee]] 1992–2001 and belonged to the group's Steering Committee.<ref>{{cite web|url=http://www.bilderbergmeetings.org/former-steering-committee-members.html|title=Former Steering Committee Members|work=bilderbergmeetings.org|publisher=[[Bilderberg Group]]|access-date=8 February 2014|archive-url=https://web.archive.org/web/20140202095633/http://www.bilderbergmeetings.org/former-steering-committee-members.html|archive-date=2 February 2014|url-status=dead}}</ref> | ||
During his eight years as CEO of ASEA followed by the nine years as CEO of ABB, the company achieved an increase of stock value of 87 times or 30% average per year over the 17 years. Net profit increased 60 times and sales 30 times. Based upon these extraordinary results Barnevik received a one-off payment of 148 million Swiss francs when he retired as CEO in 1996. 2002, six years later under a second succeeding CEO, ABB stock market value plummeted from 54.50 francs in 2000 to just under 15 francs. When ABB's board made the pension payment public, a huge scandal ensued and Barnevik was forced to resign as chairman of Investor, the Swedish investment company controlled by the powerful [[Wallenberg family]], and to hand back a large chunk of his pension to ABB.<ref>{{cite news| url=http://news.bbc.co.uk/2/hi/business/1866190.stm |work=BBC News | title=ABB ex-bosses pay back benefits | date=11 March 2002}}</ref><ref>{{cite web|url=http://www.abb.com/cawp/seitp202/C1256C290031524BC1256B0B003B8C36.aspx |title=Jürgen Dormann succeeds Percy Barnevik as chairman of ABB |publisher=Abb.com |date=21 November 2001 |access-date=13 May 2012}}</ref> | During his eight years as CEO of ASEA followed by the nine years as CEO of ABB, the company achieved an increase of stock value of 87 times or 30% average per year over the 17 years. Net profit increased 60 times and sales 30 times. Based upon these extraordinary results Barnevik received a one-off payment of 148 million Swiss francs when he retired as CEO in 1996. 2002, six years later under a second succeeding CEO, ABB stock market value plummeted from 54.50 francs in 2000 to just under 15 francs. When ABB's board made the pension payment public, a huge scandal ensued and Barnevik was forced to resign as chairman of Investor, the Swedish investment company controlled by the powerful [[Wallenberg family]], and to hand back a large chunk of his pension to ABB.<ref>{{cite news| url=http://news.bbc.co.uk/2/hi/business/1866190.stm |work=BBC News | title=ABB ex-bosses pay back benefits | date=11 March 2002}}</ref><ref>{{cite web|url=http://www.abb.com/cawp/seitp202/C1256C290031524BC1256B0B003B8C36.aspx |title=Jürgen Dormann succeeds Percy Barnevik as chairman of ABB |publisher=Abb.com |date=21 November 2001 |access-date=13 May 2012}}</ref> | ||
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In 2003, Barnevik co-founded charity [[:en:Hand in Hand International|Hand in Hand]] with Dr Kalpana Sankar in Tamil Nadu, India. The charity, which fights poverty through job and business creation, has since grown to include programs in 10 countries: Kenya, Rwanda, South Africa, Eswatini, Lesotho, Zimbabwe, India, Afghanistan and, more recently, Cambodia and Myanmar.<ref>{{cite web|title=HiH Where We Work|url=http://www.hihinternational.org/Where-We-Do-It/Where-We-Do-It.aspx}}</ref> Hand in Hand's mission is to work for economic and social empowerment of the poorest and most marginalized people by supporting the development of businesses and jobs. Since 2003, the Hand in Hand network has helped start and sustain 1.3 million businesses and has generated 1.9 million jobs.<ref>[[Hand in Hand International]]</ref> | In 2003, Barnevik co-founded charity [[:en:Hand in Hand International|Hand in Hand]] with Dr Kalpana Sankar in Tamil Nadu, India. The charity, which fights poverty through job and business creation, has since grown to include programs in 10 countries: Kenya, Rwanda, South Africa, Eswatini, Lesotho, Zimbabwe, India, Afghanistan and, more recently, Cambodia and Myanmar.<ref>{{cite web|title=HiH Where We Work|url=http://www.hihinternational.org/Where-We-Do-It/Where-We-Do-It.aspx}}</ref> Hand in Hand's mission is to work for economic and social empowerment of the poorest and most marginalized people by supporting the development of businesses and jobs. Since 2003, the Hand in Hand network has helped start and sustain 1.3 million businesses and has generated 1.9 million jobs.<ref>[[Hand in Hand International]]</ref> | ||
==Personal life== | ==Personal life and death== | ||
Barnevik lived in London. In an interview he once stated that he took a test which stated he was unsuitable for a managerial position.<ref>{{Cite web|url=https://www.dn.se/ekonomi/percy-barnevik-jag-var-olamplig-som-chef/|title=Percy Barnevik: Jag var olämplig som chef|date=2012 | Barnevik lived in London. In an interview he once stated that he took a test which stated he was unsuitable for a managerial position.<ref>{{Cite web|url=https://www.dn.se/ekonomi/percy-barnevik-jag-var-olamplig-som-chef/|title=Percy Barnevik: Jag var olämplig som chef|date=16 January 2012|website=[[Dagens Nyheter]]|language=sv|access-date=1 November 2019}}</ref><ref>{{cite book|last1=Barnevik|first1=Percy|title=Percy Barnevik on Leadership|publisher=Sanoma}}</ref> | ||
== | Barnevik died on 18 July 2025, at the age of 84 from complications of a stroke.<ref>{{Cite web |date=18 July 2025 |title=Percy Barnevik död – en av näringslivets största {{!}} Expressen |url=https://www.expressen.se/nyheter/expressen-direkt/?post=d49b70b6-0c2f-4a17-90d2-78e7d9813094 |access-date=18 July 2025 |website=[[Expressen]] |language=sv}}</ref> | ||
==Affiliations== | |||
*Member of the Business Council and the International Investment Council advising the South African government<ref>[http://www.gm.com/corporate/investor_information/corp_gov/bios/directors/barnevik.jsp] {{webarchive|url=https://web.archive.org/web/20110610222350/http://www.gm.com/corporate/investor_information/corp_gov/bios/directors/barnevik.jsp|date=10 June 2011}}</ref> | *Member of the Business Council and the International Investment Council advising the South African government<ref>[http://www.gm.com/corporate/investor_information/corp_gov/bios/directors/barnevik.jsp] {{webarchive|url=https://web.archive.org/web/20110610222350/http://www.gm.com/corporate/investor_information/corp_gov/bios/directors/barnevik.jsp|date=10 June 2011}}</ref> | ||
*Member of the Advisory Council of [[Centre for European Reform]], UK | *Member of the Advisory Council of [[Centre for European Reform]], UK | ||
| Line 47: | Line 49: | ||
*Member of the Governing Board and Advisors at the [[Grassroots Business Fund]] | *Member of the Governing Board and Advisors at the [[Grassroots Business Fund]] | ||
*Member of the Advisory Council at the Academy of Engineering Sciences in Finland | *Member of the Advisory Council at the Academy of Engineering Sciences in Finland | ||
*Foreign Honorary Member of the [[American Academy of Arts and Sciences]] (1999)<ref name=AAAS>{{cite web|title=Book of Members, 1780–2010: Chapter B|url=http://www.amacad.org/publications/BookofMembers/ChapterB.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.amacad.org/publications/BookofMembers/ChapterB.pdf |archive-date=2022 | *Foreign Honorary Member of the [[American Academy of Arts and Sciences]] (1999)<ref name=AAAS>{{cite web|title=Book of Members, 1780–2010: Chapter B|url=http://www.amacad.org/publications/BookofMembers/ChapterB.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.amacad.org/publications/BookofMembers/ChapterB.pdf |archive-date=9 October 2022 |url-status=live|publisher=American Academy of Arts and Sciences|access-date=17 May 2011}}</ref> | ||
*Honorary Fellow, the [[Royal Academy of Engineering]]<ref name="raeng1"/> | *Honorary Fellow, the [[Royal Academy of Engineering]]<ref name="raeng1"/> | ||
*Honorary | *Honorary chairman, [http://www.handinhandinternational.org/ Hand in Hand International] | ||
==References== | ==References== | ||
{{reflist|colwidth=30em}} | {{reflist|colwidth=30em}} | ||
==External links== | |||
*{{IMDb name| 4732605}} | |||
{{S-start}} | {{S-start}} | ||
{{s-bus}} | {{s-bus}} | ||
{{Succession box | {{Succession box | ||
| title = CEO of [[ASEA | | title = CEO of [[ASEA]] | ||
| before= [[Torsten L. Lindström]] | | before= [[Torsten L. Lindström]] | ||
| after= n/a | | after= n/a | ||
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{{DEFAULTSORT:Barnevik, Percy}} | {{DEFAULTSORT:Barnevik, Percy}} | ||
[[Category:1941 births]] | [[Category:1941 births]] | ||
[[Category: | [[Category:2025 deaths]] | ||
[[Category:People from Simrishamn Municipality]] | [[Category:People from Simrishamn Municipality]] | ||
[[Category:People from Uddevalla]] | [[Category:People from Uddevalla]] | ||
Latest revision as of 17:46, 7 November 2025
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Percy Nils Barnevik HonFREng[1] (13 February 1941 – 18 July 2025) was a Swedish business executive, best known as CEO and later chairman of ABB, and for being the centre of a giant pension dispute that shook Sweden in 2002.[2] He was the co-founder of the non-profit organization Hand in Hand.[3][4]
Background
Born in Simrishamn in southern Sweden, the youngest of three children, he grew up in Uddevalla, north of Gothenburg, where his parents operated a small printing company. Barnevik was educated at the University of Gothenburg's School of Business, Economics and Law and at Stanford Graduate School of Business. He received seven honorary doctorates in Sweden, Finland and the U.S., including from Linköping University (1989) and the University of Gothenburg (1991).[5][6]Script error: No such module "Unsubst". In 1993, Barnevik received the IEEE Engineering Leadership Recognition Award.[7]
Career
Barnevik started his professional career in the Swedish company Datema, but soon moved to Sandvik. In Sandviken, where between the years 1969 and 1970 he hired over 150 people, his employees said "he has some kind of magic in him—you just can't refuse his offer." He developed unique relationships with many of his colleagues which helped him to improve the communication. In 1975, he was promoted to CEO of Sandvik's American operations, Sandvik Steel. Within the next four years he tripled the revenues, grossing $250 million, and turned the company profitable. During his work in the United States, Sandvik started competing against the industry leaders, such as General Electric and U.S. Steel.
In 1979 he joined ASEA, a leading Swedish heavy industrial company based in Västerås. In 1987 he decided to merge with its Swiss competitor – Brown, Boveri & Cie. It was the largest merger at that time. He held the position of CEO of ASEA 1980–87, was CEO of ABB from 1988 to 1996. He was Chairman of Sandvik 1983–2002, Chairman of Skanska 1992–1997, Chairman of Investor AB 1997–2002, Chairman of AstraZeneca 1999–2004,[8] Chairman of ABB 1996–2002, Member of the Board of DuPont, USA 1991–1998 and Member of the Board of General Motors, USA 1996–2009. He was also a regular Bilderberg Group attendee 1992–2001 and belonged to the group's Steering Committee.[9]
During his eight years as CEO of ASEA followed by the nine years as CEO of ABB, the company achieved an increase of stock value of 87 times or 30% average per year over the 17 years. Net profit increased 60 times and sales 30 times. Based upon these extraordinary results Barnevik received a one-off payment of 148 million Swiss francs when he retired as CEO in 1996. 2002, six years later under a second succeeding CEO, ABB stock market value plummeted from 54.50 francs in 2000 to just under 15 francs. When ABB's board made the pension payment public, a huge scandal ensued and Barnevik was forced to resign as chairman of Investor, the Swedish investment company controlled by the powerful Wallenberg family, and to hand back a large chunk of his pension to ABB.[10][11]
Philanthropy
In 2003, Barnevik co-founded charity Hand in Hand with Dr Kalpana Sankar in Tamil Nadu, India. The charity, which fights poverty through job and business creation, has since grown to include programs in 10 countries: Kenya, Rwanda, South Africa, Eswatini, Lesotho, Zimbabwe, India, Afghanistan and, more recently, Cambodia and Myanmar.[12] Hand in Hand's mission is to work for economic and social empowerment of the poorest and most marginalized people by supporting the development of businesses and jobs. Since 2003, the Hand in Hand network has helped start and sustain 1.3 million businesses and has generated 1.9 million jobs.[13]
Personal life and death
Barnevik lived in London. In an interview he once stated that he took a test which stated he was unsuitable for a managerial position.[14][15]
Barnevik died on 18 July 2025, at the age of 84 from complications of a stroke.[16]
Affiliations
- Member of the Business Council and the International Investment Council advising the South African government[17]
- Member of the Advisory Council of Centre for European Reform, UK
- Member of the Advisory Council at the Wharton School of Business Administration
- Member of the Advisory Council at the Humboldt University in Berlin
- Member of the Royal Swedish Academy of Sciences since 1982[18]
- Member of the Governing Board and Advisors at the Grassroots Business Fund
- Member of the Advisory Council at the Academy of Engineering Sciences in Finland
- Foreign Honorary Member of the American Academy of Arts and Sciences (1999)[19]
- Honorary Fellow, the Royal Academy of Engineering[1]
- Honorary chairman, Hand in Hand International
References
External links
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Categories:
- Pages with script errors
- 1941 births
- 2025 deaths
- People from Simrishamn Municipality
- People from Uddevalla
- Swedish businesspeople
- University of Gothenburg alumni
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