Heinrich Hiesinger: ThyssenKrupp Boss announces resignation

Heinrich Hiesinger wants to dissolve his contract. He wanted to allow a fundamental discussion in the supervisory board about the future of ThyssenKrupp, said Hiesinger.

Heinrich Hiesinger: ThyssenKrupp Boss announces resignation

The head of ThyssenKrupp Group, Heinrich Hiesinger, announced his resignation. The 58-year-old had asked Presidium and supervisory board to discuss "which should lead to amicable dissolution of his mandate as Chairman of Executive Board of ThyssenKrupp AG", group said. The supervisory board will decide on withdrawal request on Friday.

Hiesinger explained that he "is aware of this step in order to allow a fundamental discussion on supervisory board about future of ThyssenKrupp".

Chairman of supervisory board Ulrich Lehner thanked Hiesinger and said that Executive Board under leadership Hiesingers had liberated ThyssenKrupp from an existential crisis and made company sustainable in implementation of strategy agreed with supervisory board: "Without Heinrich Hiesinger would no longer give it to ThyssenKrupp. "

Hiesinger is under pressure with ongoing merger of Steel division with competitor tata. The aim was to reduce oversupply in steel market, to remain a strong number in European steel market and to secure jobs, said Hiesinger in time interview. Toger, ThyssenKrupp and tata are now second largest steel group in Europe, and merger is Europe's largest in industry since takeover of Arcelor by Mittal in year 2007.

The companies had signed a contract last week, and on Thursday staff was informed of details. Among or things, 4,000 jobs are to be deleted, about half of m in Germany. There should be a long-term job and location guarantee for employees. Shareholders such as US hedge fund Elliott or Cevian capital demand a faster restructuring of group.

Hiesinger changed 2010 from Siemens to Executive board of ThyssenKrupp, first as deputy chairman, from 2011 as chairman of board. There he spoke openly about difficulties and made a strong point for a cultural change in group of hierarchies. The company's share value has declined significantly since Hiesingers.

Date Of Update: 06 July 2018, 12:02

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