Latest news with #Thyssenkrupp
Yahoo
11 hours 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
11 hours 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."
Yahoo
13 hours ago
- Business
- Yahoo
Thyssenkrupp sticks with green steel plant, but calls for 'adjusted' conditions
FRANKFURT/DUESSELDORF (Reuters) -Thyssenkrupp is sticking with plans to build a 3 billion euro ($3.5 billion) green steel site in the German city of Duisburg after rival ArcelorMittal scrapped similar plans, but called on the government to ensure more favourable conditions to make it work. "We are sticking to our plan to complete the first direct reduction plant in Duisburg," Thyssenkrupp Steel Europe (TKSE) said in a statement. "However, for the transformation to succeed under economically viable conditions, the framework conditions need to be adjusted and more speed is needed to expand the relevant infrastructure, particularly with regard to the hydrogen network and the securing of competitive energy prices." ($1 = 0.8678 euros)
Reuters
14 hours ago
- Business
- Reuters
Thyssenkrupp sticks with green steel plant, but calls for 'adjusted' conditions
FRANKFURT/DUESSELDORF, June 20 (Reuters) - Thyssenkrupp ( opens new tab is sticking with plans to build a 3 billion euro ($3.5 billion) green steel site in the German city of Duisburg after rival ArcelorMittal scrapped similar plans, but called on the government to ensure more favourable conditions to make it work. "We are sticking to our plan to complete the first direct reduction plant in Duisburg," Thyssenkrupp Steel Europe (TKSE) said in a statement. "However, for the transformation to succeed under economically viable conditions, the framework conditions need to be adjusted and more speed is needed to expand the relevant infrastructure, particularly with regard to the hydrogen network and the securing of competitive energy prices." ($1 = 0.8678 euros)
Economic Times
3 days ago
- Business
- Economic Times
Thyssenkrupp deputy chairman to vote against new CEO contract over 'fundamental mistrust'
FILE PHOTO: A view of the ThyssenKrupp headquarters in Essen, Germany, November 22, 2023. Synopsis Thyssenkrupp faces internal conflict. Juergen Kerner will oppose CEO Miguel Lopez's contract renewal. This stems from dissatisfaction with the steel unit's performance post stake sale to Daniel Kretinsky. Kerner highlights mistrust and threatens worker action. The supervisory board will vote on Lopez's contract and a warship division spin-off. Kerner demands a clear plan and funding for the steel division. 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. ADVERTISEMENT 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. ADVERTISEMENT (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
