The Chairman of supervisory board of ThyssenKrupp resigns. Ulrich Lehner will resign his mandate at end of month and leave supervisory board, said industrial group. The supervisory board will soon decide on a succession. The company is thus in a leadership crisis following surprising resignation of CEO Heinrich Hiesinger.
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Lehner said that confidence of large shareholders was no longer given. The supervisory board lacked a common understanding of strategic direction. The 72-year-old warned against a smashing of group as demanded by some investors.
In an interview of time, Lehner had spoken of “psychological terror” of some shareholders. These would place falsehoods in public and even harass neighbors and family members. Neverless, Lehner said about ThyssenKrupp: “There is no need for us.”
Especially Swedish financial investor and with 18 percent of second largest single shareholder, Cevian Capital, had built up pressure. The company’s restructuring is not fast enough for investor. The time was said by Cevian-founding partner Lars Förberg: “In an integrated network of submarines, steel trade and elevators, like most or owners, we cannot recognize an industrial sense.” Also, US hedge fund Elliot, behind US investor Paul Singer, demands to review all transactions and to trim or repel returns.
Lehner has been a supervisor of ThyssenKrupp since 2008. He had taken over 2013 leadership of board.
The IG Metall was dismayed by his resignation. This must now be very last wake-up call for all participants to be disciplined, said NRW district director Knut Giesler of Rheinische Post. The group does not come to rest. The trade unionist said that peace is exactly what he now needs so urgently.
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Development of ThyssenKrupp under Heinrich Hiesinger
Source: Company Data © Time-graphics
The IG Metall also regretted resignation request of ThyssenKrupp CEO Heinrich Hiesinger and warned against imminent smashing of mixed group. Hiesinger had announced his resignation in early July, shortly after merger of ThyssenKrupp’s Steel division with European part of Indian group tata Steel had been decided. The agreement should pave way for long-announced restructuring of group. The merger will create second largest steel group in Europe.
In meantime, CFO Guido Kerkhoff leads company in transition.
