CEO of German industrial giant Thyssenkrupp resigns

In a surprise move the CEO of German industrial giant Thyssenkrupp resigned on Thursday days after he hailed the “historic” merger of the company’s steel business with Tata Steel.

The company announced that Heinrich Hiesinger has asked the supervisory board of the company to end his mandate as Chief Executive Officer of Thyssenkrupp AG “in mutual agreement”.

Tata Steel’s 50-50 joint venture with Germany’s Thyssenkrupp created Europe’s second-largest steel company after Lakshmi Mittal’s ArcelorMittal. The JV combines the European steel businesses of the Indian steel major with the German firm to create Thyssenkrupp Tata Steel. The new steel company will have a total workforce of 48,000 employees spread across 34 sites.

Prof Ulrich Lehner, chairman of the supervisory board, praised the outgoing CEO and said that the Board, under the leadership of Hiesinger, has freed Thyssenkrupp from an “existential crisis” and made the company ready for the future by implementing the strategy which was agreed by the supervisory board.

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