Incoming Thyssenkrupp CEO flags 'tough, far-reaching' decisions
Reuters
Published May 16, 2023 17:30
Updated May 16, 2023 17:50
FRANKFURT (Reuters) - Thyssenkrupp (ETR:TKAG)'s incoming chief executive has no plans to waste time when he takes over the German conglomerate next month, he said on Tuesday, under pressure to hive off several businesses, including steel and defence.
"Tough, far-reaching decisions have to be made as we diligently press ahead with the transformation process at the required speed," Miguel Angel Lopez Borrego, who will take over as CEO on June 1, said in a statement.
He said after initial discussions with stakeholders he was confident the industrial group's transformation, which has been delayed by macroeconomic factors and internal conflict, could be completed.
Major items on his to-do list include the planned sale of Thyssenkrupp's iconic steel division, the partial divestment of its warship unit as well as the planned initial public offering of its hydrogen business Nucera.
"Thyssenkrupp is one of Germany's highest-profile industrial brands in the world. It is a company with tremendous development potential – particularly in terms of all aspects of the green transformation," Lopez said.
Lopez will replace CEO Martina Merz, who is stepping down at the end of the month after less than four years in the role and whose tenure included the landmark sale of Thyssenkrupp's elevator division in 2020.
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Written By: Reuters
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