Guido forked

25 September 2019 By George Hay Follow @gfhay

Guido Kerkhoff is on his way out at the German industrial conglomerate after 14 months, a 40% share price drop and various U-turns on strategy. His interim replacement backs a plan to sell the lifts business. Just as well since this offers the best chance of boosting valuation.

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Thyssenkrupp said on Sept. 24 it would start talks to end the contract of its current chief executive, Guido Kerkhoff.

"The personnel committee of the supervisory board of Thyssenkrupp AG recommends to the supervisory board to start negotiations to end the board mandate of Guido Kerkhoff shortly," the German industrial conglomerate said in a statement.

Thyssenkrupp did not elaborate on the decision, but said it would propose current Supervisory Board Chairwoman Martina Merz, who has been in the job since February, as interim CEO for no longer than a year.

Fellow board member and former Siegfried Russwurm would take over Merz’s duties as chairman on an interim basis, Thyssenkrupp said.

Thyssenkrupp shares were down 2% at 12.2 euros as of 0750 GMT on Sept. 25.

Context News

Thyssenkrupp said on Sept. 24 it would start talks to end the contract of its current chief executive, Guido Kerkhoff.

Fellow board member and former Siegfried Russwurm would take over Merz’s duties as chairman on an interim basis, Thyssenkrupp said.

Thyssenkrupp shares were down 2% at 12.2 euros as of 0750 GMT on Sept. 25.

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