Latest news with #MiguelLopez
Yahoo
a day ago
- Business
- Yahoo
Thyssenkrupp CEO gets new 5-year contract
By Christoph Steitz and Tom Käckenhoff FRANKFURT/DUESSELDORF (Reuters) -Thyssenkrupp CEO Miguel Lopez has received a new five-year contract, the German conglomerate said on Friday, also setting a summer date for an extraordinary general meeting to let shareholders approve the planned listing of its defence unit. Thyssenkrupp did not say whether the vote on the contract extension until May 31, 2031 had required the casting vote of Supervisory Board Chairman Siegfried Russwurm, after his deputy earlier this week announced opposition to the plan. A spokesperson for Thyssenkrupp declined to comment when asked whether Russwurm's casting vote, which counts twice when the 20-member supervisory board arrives at a stalemate, was used. Juergen Kerner, deputy chief of German union IG Metall, on Wednesday had said he would vote against the contract extension, citing "fundamental distrust" and saying Lopez had failed to deliver a promised turnaround of Thyssenkrupp's steel unit. "The group is undergoing a challenging and urgently needed transformation process, in which reliability, leadership and clear priorities are of the essence," Russwurm said. "The extension of Miguel Lopez's contract is an expression of our confidence in his leadership and our conviction that clear orientation and continuity along the chosen path are crucial to the further progress and future of Thyssenkrupp." Thyssenkrupp also said shareholders would be voting on the planned spin-off of a 49% stake in its warship unit Thyssenkrupp Marine Systems on August 8, confirming that the separate listing was planned to take place by the end of the year.
Reuters
a day ago
- Business
- Reuters
Thyssenkrupp CEO gets new 5-year contract
FRANKFURT, June 20 (Reuters) - Thyssenkrupp ( opens new tab CEO Miguel Lopez received a new five-year contract, the German conglomerate said on Friday, adding it planned an extraordinary general meeting on August 8 to let shareholders approve the planned listing of its defence unit. Thyssenkrupp did not say whether the vote on the contract extension until May 31, 2031, had required the casting vote of Supervisory Board Chairman Siegfried Russwurm, after his deputy earlier this year announced opposition to the plan. "The group is undergoing a challenging and urgently needed transformation process, in which reliability, leadership and clear priorities are of the essence," Russwurm said. "The extension of Miguel Lopez's contract is an expression of our confidence in his leadership and our conviction that clear orientation and continuity along the chosen path are crucial to the further progress and future of Thyssenkrupp."
Reuters
3 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
3 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
Reuters
13-06-2025
- Business
- Reuters
Thyssenkrupp CEO's contract to be extended ahead of schedule, newspaper reports
BERLIN, June 13 (Reuters) - The contract of Thyssenkrupp ( opens new tab CEO Miguel Lopez is to be extended ahead of schedule, Welt am Sonntag newspaper reported on Friday, citing company sources. The contract - which is due to end in the first half of 2026 - will be formally extended at an extraordinary supervisory board meeting on June 20, the sources said. Thyssenkrupp did not immediately reply to an emailed request for comment from Reuters.
