Thyssenkrupp board to seek new CEO after Hiesinger quits


Thyssenkrupp board to seek new CEO after Hiesinger quits

Thyssenkruppwill take its time to replace Chief Executive Heinrich Hiesinger after his resignation, dampening hopes of a speedyrestructuring or even a break-up of the German industrial group. Hiesinger’s resignation came less than a week after he sealed a landmark joint venture deal with India’s Tata Steel , the culmination of two years of negotiations that in the end came too late to placate investors hungry for change.

Activist shareholders Cevian and Elliott had criticised Thyssenkrupp ‘s performance under Hiesinger, with shares down 28 percent since he took office in January 2011. There have been calls to break up the company that spans submarines, elevators and car parts.

The board did not appoint an interim CEO but said it had asked the remaining executives — Guido Kerkhoff, Oliver Burkhard and Donatus Kaufmann — to lead the company for now. Read More

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