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On Monday, ThyssenKrupp's boss, Heinrich Hiesinger, was still presenting the joint venture resulting from the merger with Tata. Now he has surprisingly asked for the termination of the contract. This may be due to the lack of support for the Supervisory Board.
ThyssenKrupp's head of business, Heinrich Hiesinger, surprisingly asked the supervisory board to dissolve his contract. (Image: Thilo Schmuelgen / Reuters)
The uncomfortable shareholders of ThyssenKrupp can record a success. The boss of the company, Heinrich Hiesinger, surprisingly asked the supervisory board the dissolution of his contract. At ThyssenKrupp, the Swedish financial investor Cevian owns 18% of the shares. Cevian asks ThyssenKrupp that the divisions are legally and operationally independent.
This is exactly what can now be discussed. Hiesinger justified his withdrawal by the fact that he wanted to allow a fundamental discussion about the future of the group. A consistent understanding of the strategic direction of the Management Board and the Supervisory Board is a prerequisite for the success of corporate governance.
On Monday, Hiesinger introduced the European steel company resulting from the merger with Tata in Brussels. But according to "Handelsblatt", two people voted against the joint venture, including the representative of Cevian. Elliott Hedge Fund also lobbied Hiesinger, which holds less than 3% of the shares. Even after separation from the steel mill, ThyssenKrupp is a conglomerate that supplies the automotive industry, manufactures escalators and elevators and builds factories or warships.
Hiesinger wanted to keep the group together. The 58-year-old man has been in power since 2011. At the time, bad investments in Brazil and the United States had led the company to the brink of collapse. Chairman of the Supervisory Board, Ulrich Lehner, said on Thursday that the company would no longer exist without Hiesinger.
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