Thyssenkrupp Chief Executive Martina Merz, who launched the conglomerate's largest structural overhaul, is seeking to step down, the German industrial group said on Monday, without providing a reason for the move. Shares in the submarines-to-car parts firm plunged after the announcement and were down 9.2% at 1250 GMT.
Thyssenkrupp's supervisory board decided to recommend Miguel
Angel Lopez Borrego, who currently serves as CEO of automotive
and industrial supplier Norma Group and Chairman of
Siemens Gamesa , to succeed Merz from June 1, it said.
"With him at the top, we will continue on the path of
transformation on the basis of the strategic lines that have
been laid down. This is challenging, but necessary,"
Thyssenkrupp Chairman Siegfried Russwurm said.
Shareholder pressure on Merz had been mounting in recent
months over a turnaround of the sprawling conglomerate that was
seen as too slow and not far-reaching enough.
"Martina Merz has 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," Russwurm said.
(Reporting by Tristan Veyet, Christoph Steitz and Alexander
Huebner; Editing by Friederike Heine and Matthias Williams)
