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Heinrich Hiesinger Instead of liberation, ThyssenKrupp's boss pulls the rope
| Reading time: 4 minutes
Hiesinger had in connection with the merger of steel mill with competitor Tata repeatedly under pressure
Source: REUTERS
The leader of the group ThyssenKrupp announced his resignation.
- The 58-year-old He was announced in a statement to dissolve his term as chairman of the board of directors.
- The stock price reacted positively. The most was on the Tradegate trading platform at one percent.
T hyssenkrupp needs a new CEO. The outgoing president, Heinrich Hiesinger, has asked the Supervisory Board to dissolve his mandate, reports the Dax group. The office is meeting now Friday to discuss and decide.
Surprises are not expected. Because Hiesinger has recently been heavily attacked by investors. Majority shareholder Cevian Capital has been calling for the resignation of the manager for some time, as has the American hedge fund Elliott. But the other owners of ThyssenKrupp were recently more and more critical and accused the 58-year-old, the necessary restructuring of the group to progress inadequately.
This pressure Hiesinger does not want to continue – especially since he initiated it, according to previous supporters Feels calm. This recently showed the vote in the Supervisory Board on the merger of ThyssenKrupp's steel division with the European activities of its competitor Tata Steel.
Admittedly, the supervisors abdicated the management plan. But there were two opposing votes and one abstention – and that equates to a vote of no confidence for the ThyssenKrupp standards. Now, Hiesinger draws the consequences. "I deliberately take this step to allow a fundamental discussion about the future development of Thyssenkrupp in the future", justifies the director by resigning. Broad support from shareholders and the Supervisory Board has been the basis for Thyssenkrupp's strategic development in recent years.
Hiesinger announces a "step"
However, it is reported that this closed front is no longer available. And that threatened to announce a new strategy for Hiesinger in the coming week. The CEO wanted to explain to the Supervisory Board how he envisioned the future of Thyssenkrupp after the splitting of the steel division.
Just a few days ago, he described as a "milestone" the separation of the core business of the Ruhr Group, more than 200 years old, to make Thyssenkrupp a "strong industrial company".
But instead of the liberation strike, the action finally reached the final agreement of its term. "He is a very thoughtful person," he says in his environment. "He objectively analyzed the current situation and then acted consistently." Because he still had the business booklet in his own hands. Hiesinger himself adopts this approach in other words: "A common understanding of the Executive Board and the Supervisory Board on the strategic and strategic direction of the company is a prerequisite for the success of the government. business. "
Hiesinger has been head of ThyssenKrupp since January 2011. And the former Siemens board of directors has earned merit in these seven and a half years. "Without Heinrich Hiesinger, Thyssenkrupp would no longer exist," said Ulrich Lehner, chairman of the supervisory board. Under his leadership, the Management Board released the company from a crisis that threatened its existence and made it sustainable in the implementation of the strategy agreed with the Supervisory Board, adds the former CEO of Henkel long considered a kind of Hiesinger boss. This refers to the disaster that surrounded the construction of two steel mills in America, which cost Thyssenkrupp a high amount of $ 1 billion and temporarily threatened it with ruin.
Recently, however, this strategic evolution has stopped. For example, talks on the proposed steel merger lasted more than two years – and, in the end, apparently, only a few were satisfied. The stock market has in any case reacted disappointed with the results. Experts complain, among other things, that the difference in value between Thyssenkrupp and Tata Steel is not sufficiently taken into account. Although the Dax group is participating in a potential IPO of the joint venture, five percent more revenue. The financial director, Guido Kerkhoff, spoke before the analysis, but only a reasonable amount of three figures. According to industry watchers, the difference in value is actually 2.5 billion euros.
In the shadow of the merger, the other divisions did not develop as quickly as expected, depending on the market. This concerns high margin activities, such as elevator, submarine, supermarkets and auto parts, which still account for three-quarters of the Group's sales. There was also the last receipt on the stock market. The title is now almost a third lower than the price of Hiesinger's inauguration – though the Dax has simultaneously gained significantly from 7100 to over 12,200 points.
That his resignation announces the paper late 1.24% to a good 22, 20 euros, indicates the current mood among investors. Who will follow Hiesinger, is still not clear. Society wants to comment on Friday
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