Incoming Thyssenkrupp CEO flags 'tough, far-reaching' decisions (updated)
16/05/2023 17:24
(Adds details, CEO comment)
FRANKFURT, May 16 (Reuters) - Thyssenkrupp's TKAG.DE
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.
(Reporting by Christoph Steitz
Editing by Riham Alkousaa and Chris Reese)
((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))