Heinrich manoeuvred

6 July 2018 By George Hay Follow @gfhay

Heinrich Hiesinger offered to quit the German conglomerate days after clinching an underwhelming steel JV with Tata. His long tenure and advocacy of the group’s conglomerate structure made him ill-suited to the action ThyssenKrupp needs. His replacement should be more radical.

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ThyssenKrupp said on July 5 that Chief Executive Heinrich Hiesinger had asked for talks to “find a mutual agreement for stepping down from his position”.

Hiesinger said he had taken the step “to enable a fundamental discussion in the Supervisory Board on the future of thyssenkrupp”.

“A joint understanding of Board and Supervisory Board on the strategic direction of a company is a key pre-requisite for successfully leading a company,” he said.

ThyssenKrupp shares rose 2.6 percent to 22 euros by 0918 GMT on July 6.

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