Shares of German steel and technology company Thyssenkrupp fell sharply Monday following the announcement of the resignation of its chairwoman, Martina Merz, who had held the position since 2019. Merz, whose term was due to end in 2028, has asked the staff committee of Thyssenkrupp AG’s supervisory board to consider an early and amicable termination of her contract, a statement said. Although the industrial group has not explained the reasons behind her departure, her successor is expected to be Miguel Angel Lopez Borrego, currently at the helm of engineering group Norma and former president of Siemens Spain.
Merz was appointed to lead a complex structural reform of the historic conglomerate, which was undergoing a financial and identity crisis. She has been one of the few women to lead a German industrial group. In 2020, she sold the lucrative elevator business, generating some €17 billion for the company. The group also reduced its costs through the shedding of some 10,000 jobs and managed to post net profits again in its 2021/22 fiscal year.
Thyssenkrupp was created in 1998 following the merger of the two steel giants Thyssen and Krupp. The company has failed in several attempts to find a buyer for its steel division. Although it is not known exactly why Merz resigned, the news has negatively affected the company’s shares. The appointment of Lopez Borrego as his successor could provide some stability to the company at a time of uncertainty.
Leave a Reply