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Thyssenkrupp’s Merz to Remain as CEO to Oversee Overhaul

Martina Merz, who took over as interim CEO of Thyssenkrupp, will stay in the job until 2023 after successfully selling the group’s elevator arm in a landmark agreement in February, the group stated Friday.

Thyssenkrupp’s Merz to Remain as CEO to Oversee OverhaulMerz, who swapped her chairperson position for CEO after the resignation of former boss Guido Kerkhoff’s in 2019, was initially meant to remain in the job until the end of September.

The supervisory committee’s personnel panel Friday recommended appointing Merz for a three-year interval beginning on April 1, 2020.

The appointment offers Merz tailwind to go ahead with the overhauling of the group, the first significant move of which was achieved last month through the sale of its elevator arm to an alliance headed by Advent and Cinven.

The appointment was lauded by Thyssenkrupp’s most prominent shareholder, the Alfried Krupp von Bohlen und Halbach Foundation, which owns 21% of the conglomerate.

Further steps are likely to embody severe job reductions and additional asset sales. Merz will assume responsibility for Plant Technology, a unit for which Thyssenkrupp has begun a disposal procedure, the corporate stated.

Chief Financial Officer (CFO) Johannes Dietsch will resign effective March 31 and be replaced by Klaus Keysberg, already a member of the management committee and in charge of the steel and materials trading business subsidiaries.

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