{"id":84667,"date":"2023-04-24T17:54:22","date_gmt":"2023-04-24T14:54:22","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=84667"},"modified":"2023-04-24T17:54:22","modified_gmt":"2023-04-24T14:54:22","slug":"ceo-of-germanys-thyssenkrupp-to-step-down-shares-hit","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2023\/04\/ceo-of-germanys-thyssenkrupp-to-step-down-shares-hit\/","title":{"rendered":"CEO of Germany’s Thyssenkrupp to step down, shares hit"},"content":{"rendered":"

FRANKFURT, Germany, April 24 – Thyssenkrupp’s chief executive Martina Merz is stepping aside early, the German industrial giant said Monday, in a surprise announcement that sent the company’s shares into a nosedive.<\/strong><\/p>\n

The CEO, who led a major restructuring of the steel-to-submarines group, requested talks on stepping down and the supervisory board agreed, Thyssenkrupp said in a statement.<\/p>\n

Miguel Angel Lopez Borrego, CEO of German engineering group Norma, has been put forward to replace her, starting in June.<\/p>\n

No reason was given for the departure of Merz — who had been in post since 2019, and was one of the few women bosses at a major German-listed group.<\/p>\n

Thyssenkrupp’s shares dropped 12 percent on the Frankfurt Stock Exchange following the news.<\/p>\n

Merz had “taken over a very difficult task at a challenging time and since then has initiated a fundamental change process at Thyssenkrupp with great commitment and expertise,” Siegfried Russwurm, chairman of the supervisory board said.<\/p>\n

The CEO, whose contract was supposed to run until 2028, had led a complex restructuring of the sprawling conglomerate, which was battling financial problems and a crisis over its future direction.<\/p>\n

Merz oversaw the successful sale of the company’s elevator business, earning the group more than 15 billion euros ($16.5 billion).<\/p>\n

Costs were reduced and some 11,000 jobs were axed. Thyssenkrupp’s finances gradually improved and it recorded a net profit in the 2021-22 financial year.<\/p>\n

But the group had failed to find a buyer for its core steel business, and Merz had faced mounting criticism of her leadership in recent months.<\/p>\n","protected":false},"excerpt":{"rendered":"

FRANKFURT, Germany, April 24 – Thyssenkrupp’s chief executive Martina Merz is stepping aside early, the German industrial giant said Monday, in a surprise announcement that sent the company’s shares into a nosedive. 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