© Reuters. THE PRESIDENT OF THYSSENKRUPP RESIGNS IN ITS TURN
FRANKFURT (Reuters) – The chairman of the supervisory board of Thyssenkrupp announced on Monday his resignation, a little over a week after the departure of the president of the management board of the industrial conglomerate German, subjected to intense pressures of fund activists demanding an in-depth restructuring.
Ulrich Lehner, age 72, has informed the supervisory board that his resignation would be effective on 31 July and he would also sit on this council.
“The company will make a decision about his succession (…) shortly,” said Thyssenkrupp in a statement.
The chairman of the executive board of the conglomerate German, Heinrich Hiesinger, has for his part announced his resignation on 5 July. The chief financial officer Guido Kerkhoff replaced on an interim basis pending a replacement final.
Heinrich Hiesinger has led to long negotiations that resulted in a historic agreement on the establishment of a joint venture with the steel manufacturer india Tata Steel, a core element of its strategy the group’s recovery.
es fund activists, Cevian Capital, the second shareholder of Thyssen with 18% of the capital, and Elliott, were called to new restructuring measures sidérugiste.
In the Face of them, the foundation of Krupp, the largest shareholder with 21% stake, has ruled out any dismantling of the group.
(Douglas Busvine, Bertrand Boucey and Juliette Rouillon for French service, edited by Wilfrid Exbrayat)