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| Length: 2 minutes
Thyssenkrupp CEO Hiesinger in September 2017
Source: dpa / AFP / Archive
The reason is obvious Controversy over the future course of the group
D The boss of the ThyssenKrupp group, Heinrich Hiesinger, announced his resignation on Thursday. The 58-year-old man had asked the Presidium and the Supervisory Board of the Essen-based group to discuss it, "which should lead to the amicable dissolution of his term as chairman of the board of thyssenkrupp AG", the statement said. The supervisory board will meet on Friday to decide on the resignation request.
The announcement of the resignation of Hiesinger occurs a few days after a significant change: only on weekends, the company of Essen and the Indian company Tata Steel sign the agreement to merge their activities steel. Hiesinger said in a statement that there were differences between the management board and the supervisory board regarding the conduct of the industrial group. The prerequisite for "successful business management" was "a common understanding of the board of directors and the supervisory board on the strategic direction of the company," he explained. He offered his resignation "to allow a fundamental discussion at the Supervisory Board on the future of thyssenkrupp."
Since 2011, the manager has headed the Essen-based industrial group, which is going through a profound restructuring. The stock market value of the company has dropped significantly since the appointment of Hiesinger: when it started, the price was about 30 euros, it fell to 23 euros last – while the Dax as a whole has greatly increased. Speculation about Hiesinger's departure had been there for some time, his support to the Supervisory Board should have decreased recently.
The Chairman of the Supervisory Board, Ulrich Lehner, hailed Hiesinger's merits: "Hiesinger has been released from a threatening crisis". "Without Heinrich Hiesinger, thyssenkrupp would no longer exist."
It was not until the weekend that Thyssenkrupp and Tata Steel sealed their cooperation. The reason for the merger, mainly attributable to Hiesinger, was overcapacity in the steel market due to strong production in China.
Cooperation with Tata Hiesinger promised savings and more efficiency. However, the supervisory board would have resisted this decisive step.
Hiesinger, born in 1960, is a graduate engineer. After receiving his doctorate, he joined Siemens in 1992. In 2010, he joined Thyssenkrupp as Deputy Director General, in January 2011 he took the chair. In addition to steel, the group manufactures a large number of products, ranging from elevators to auto parts and submarines.
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