Latest news with #JuergenKerner
Reuters
4 days ago
- Business
- Reuters
Exclusive: Thyssenkrupp deputy chairman to vote against new CEO contract over 'fundamental mistrust'
FRANKFURT/DUESSELDORF, June 18 (Reuters) - Thyssenkrupp's deputy chairman will vote against the contract extension of CEO Miguel Lopez at a board meeting on Friday, saying he had not delivered a promised turnaround of the steel unit after selling a stake to billionaire Daniel Kretinsky. The comments by Juergen Kerner, one of Germany's most influential labour representatives, mark a major escalation in the conflict between management and workers over the German conglomerate's restructuring, most notably its iconic steel division, which the group has sought to divest for years. Thyssenkrupp's ( opens new tab supervisory board will convene on Friday to vote on a planned spin-off of its warship division TKMS as well as a new contract for Lopez, who took over two years ago, sources said last week. Kerner warned of massive resistance if Lopez's contract extension went through against the will of worker representatives, which can only happen via a decisive vote by chairman and former Siemens manager Siegfried Russwurm. Kerner, deputy chief of Germany's biggest union IG Metall, who also sits on the supervisory boards of Siemens, Siemens Energy and Traton, told Reuters that while he and Lopez had established a working relationship, "we now have a fundamental mistrust on both sides". He said workers could use the means at their disposal, including strike action, going forward unless Thyssenkrupp was able to draw up a convincing future plan for the steel division and sufficient funding, which he described as red lines.
Yahoo
4 days ago
- Business
- Yahoo
Exclusive-Thyssenkrupp deputy chairman to vote against new CEO contract over 'fundamental mistrust'
By Christoph Steitz and Tom Käckenhoff FRANKFURT/DUESSELDORF (Reuters) -Thyssenkrupp's deputy chairman will vote against the contract extension of CEO Miguel Lopez at a board meeting on Friday, saying he had not delivered a promised turnaround of the steel unit after selling a stake to billionaire Daniel Kretinsky. The comments by Juergen Kerner, one of Germany's most influential labour representatives, mark a major escalation in the conflict between management and workers over the German conglomerate's restructuring, most notably its iconic steel division, which the group has sought to divest for years. Thyssenkrupp's supervisory board will convene on Friday to vote on a planned spin-off of its warship division TKMS as well as a new contract for Lopez, who took over two years ago, sources said last week. Kerner warned of massive resistance if Lopez's contract extension went through against the will of worker representatives, which can only happen via a decisive vote by chairman and former Siemens manager Siegfried Russwurm. Kerner, deputy chief of Germany's biggest union IG Metall, who also sits on the supervisory boards of Siemens, Siemens Energy and Traton, told Reuters that while he and Lopez had established a working relationship, "we now have a fundamental mistrust on both sides". He said workers could use the means at their disposal, including strike action, going forward unless Thyssenkrupp was able to draw up a convincing future plan for the steel division and sufficient funding, which he described as red lines. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Thyssenkrupp putting 20,000 jobs at risk in overhaul, says union
BERLIN (Reuters) - Germany's IG Metall union sees around a fifth of jobs at Thyssenkrupp at risk, a senior official was quoted as saying on Friday, following the conglomerate's recent plans to turn into a holding company. On Monday, Thyssenkrupp said it would pursue plans to sell minority stakes in three of its five divisions, with the other two - submarines and steel - already in the process of being spun off or partly divested. "The plans could see more than 20,000 employees' positions slashed," Juergen Kerner, deputy chairman of both the IG Metall union and Thyssenkrupp's supervisory board, told Sueddeutsche Zeitung (SZ) newspaper. Thyssenkrupp has already announced plans to cut or outsource up to 11,000 jobs at its steel division TKSE and plans to slash around 1,800 jobs at its automotive unit. Kerner said that Thyssenkrupp's supervisory board would meet in June to approve the spin-off of the group's submarine and warship division TKMS, which is planned for later this year. Turning to steel, Kerner criticised Czech billionaire Daniel Kretinsky, who last year bought a 20% stake in TKSE and is in talks to acquire another 30% contingent on a job cuts deal with workers. "I now consider Mr Kretinsky less and less to be the right buyer," Kerner said, adding the billionaire had resisted sharing his plans for the steel business for more than a year. (Writing by Friederike Heine and Christoph Steitz; Editing by Matthias Williams and Susan Fenton) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
30-05-2025
- Business
- Business Recorder
Thyssenkrupp putting 20,000 jobs at risk in overhaul
BERLIN: Germany's IG Metall union sees around a fifth of jobs at Thyssenkrupp at risk, a senior official was quoted as saying on Friday, following the conglomerate's recent plans to turn into a holding company. On Monday, Thyssenkrupp said it would pursue plans to sell minority stakes in three of its five divisions, with the other two - submarines and steel - already in the process of being spun off or partly divested. 'The plans could see more than 20,000 employees' positions slashed,' Juergen Kerner, deputy chairman of both the IG Metall union and Thyssenkrupp's supervisory board, told Sueddeutsche Zeitung (SZ) newspaper. Thyssenkrupp has already announced plans to cut or outsource up to 11,000 jobs at its steel division TKSE and plans to slash around 1,800 jobs at its automotive unit. Kerner said that Thyssenkrupp's supervisory board would meet in June to approve the spin-off of the group's submarine and warship division TKMS, which is planned for later this year. Turning to steel, Kerner criticised Czech billionaire Daniel Kretinsky, who last year bought a 20% stake in TKSE and is in talks to acquire another 30% contingent on a job cuts deal with workers. 'I now consider Mr Kretinsky less and less to be the right buyer,' Kerner said, adding the billionaire had resisted sharing his plans for the steel business for more than a year.
Reuters
30-05-2025
- Business
- Reuters
German union fears 20,000 job cuts at Thyssenkrupp, newspaper reports
BERLIN, May 30 (Reuters) - Germany's IG Metall union sees more than 20,000 jobs at risk at Thyssenkrupp ( opens new tab, Sueddeutsche Zeitung reported on Friday, three days after the conglomerate announced plans to sell minority stakes in three divisions as part of a wider overhaul. "The plans could see more than 20,000 employees' positions slashed," said Juergen Kerner, deputy chairman of IG Metall and Thyssenkrupp supervisory board member, told the newspaper.
