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Hiesinger was put under pressure during the merger of the steel division with its competitor Tata on several occasions, because shareholders such as the American hedge fund Elliott or Cevian Capital Sweden's speed up had long been announced the conversion of the Ruhr Group had demanded. Individual investors like American activist Paul Singer and his hedge fund Elliott had attacked the thyssenkrupp chief
. For seven-year-old Thyssenkrupp, Hiesinger's agreement with Tata was a long-overdue release. The steel merger is expected to pave the way for a corporate restructuring. The strategy for this must be presented in mid-July.
Hiesinger said, according to the press release, "a common understanding of the board of directors and the supervisory board on the strategic direction of the company is a prerequisite for the success of corporate governance ". The broad support of shareholders and the Supervisory Board has been the basis for the success of thyssenkrupp's strategic development since 2011. According to Hiesinger, the steel industry's contribution to the joint venture with Tata was "a very important step" in the development of thyssenkrupp into a strong industrial enterprise
Chairman of the Supervisory Board Ulrich Lehner thanked Hiesinger and pointed out that the executive board headed by Hiesinger had created a deadly crisis for thyssenkrupp. In the implementation of the strategy agreed with the Supervisory Board, the company was ready for the future: "Without Heinrich Hiesinger, thyssenkrupp would no longer exist."
The two competitors unite their strengths in the context of global steel overcapacity second largest steel company in Europe. Initially, thyssenkrupp and Tata will each hold 50% of the merged steel group with sales of around 17 billion euros and around 48,000 employees. The joint venture named thyssenkrupp Tata Steel B.V.
The shareholders' representatives were still waiting for Hiesinger, after the merger decision, to be firmer again. The director has now solved all the problems that he himself has posed, it was said to the German Association for the Protection of Stocks (DSW). The balance sheet of the group now looks much better. Now the strategy is eagerly awaited.
German steel stoves had previously received an employment guarantee until September 30, 2026, as well as a long-term security on the site. However, the dismantling of more than 4 000 jobs is also planned, about half of them in Germany
The union warns against dismantling
The probable departure of thyssenkrupp leader, Heinrich Hiesinger, alerts the workers. The head of the group's business committee, Wilhelm Segerath, warned against the dissolution and liquidation of the industrial group. He sees the danger that the rest of the conglomerate will be shattered by financial investors, said Segerath, the German news agency. The representative of IG Metall sits on the supervisory board of Thyssenkrupp, which asks Hiesinger on Friday to decide on the dissolution of his mandate as managing director
IG Metall regretted the resignation announced Thursday evening of Hiesinger. "Even though we often disagree on this topic, Mr Hiesinger is an honest person," said Detlef Wetzel, former boss of IG Metall and vice chairman of the supervisory board of ThyssenKrupp Steel ("Westdeutsche Allgemeine Zeitung "). He regretted that Hiesinger wanted to leave the company. On the stock market, the announcement was well received. The title has risen significantly Thursday afternoon afternoon and also shows up on Friday the firmer trade.
ESSEN (dpa-AFX)
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Sources of Image: ThyssenKrupp AG, Quinta / Shutterstock.com, ThyssenKrupp
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