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After the departure of Heinrich Hiesinger, CEO of the steel group ThyssenKrupp, the successor at the head of the industrial group remains open. A transition leader, who takes over the duties of Hiesinger, should not initially exist. The remaining board of directors – consisting of Guido Kerkhoff, Oliver Burkhard and Donatus Kaufmann – should first sue the company without a president, the Dax group said Friday. The search for a successor Hiesinger should be done in a "structured process".
After bickering with the main shareholders over the restructuring of the group, Hiesinger surprisingly asked the Supervisory Board on Thursday evening for a mutual dissolution of his term as CEO. According to the company, the supervisory board of the industrial society approved the resignation Friday.
The announcement of Hiesinger comes a few days after the manager, after a long standoff, sealed the merger of steel activities with Tata. at. Hiesinger had stated that he had "deliberately taken this step to allow a fundamental discussion at the Supervisory Board on the future of ThyssenKrupp."
Hiesinger has been under pressure for some time
Hiesinger is expected to present his new strategy for ThyssenKrupp next week. But he apparently did not find a majority on the Supervisory Board. The 58-year-old man has been at the helm of Thyssenkrupp since 2011, that is to say for seven years, his contract would have lasted until 2020.
However, Hiesinger is under pressure since a while. The majority shareholder Cevian, the US hedge fund Elliott and other investors had accused the manager of advancing the restructuring of the group insufficiently. Although Hiesinger reacted to the global glut of steel, the merger of ThyssenKrupp's steel division with Indian rival Tata was merged. But negotiations dragged on for two and a half years. It is only at the weekend that the contracts for the new joint venture were finally signed. But all the while, where he reached his goal, goes Hiesinger.
Ulrich Lehner, chairman of the supervisory board, who supported him until the end, praising the CEO. Without him, Thyssenkrupp would not exist anymore, said Lehner. Under the leadership of Hiesinger, the group managed to think outside the box after the billion dollar disaster in the US steel industry. Lehner described Hiesinger's approach as "intelligent, modest, consistent". (with Reuters)
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