Economy
September 25, 2019
Thyssenkrupp AG Replaces CEO Kerkhoff
Written by Sandy Williams
Thyssenkrupp AG is sacking its CEO of 14 months after directors determined Guido Kerkhoff is unable to reverse declining profits at the German conglomerate. Supervisory Board Chairman Martina Merz will be interim CEO for the next 12 months while a permanent replacement is sought.
Kerkhoff succeeded Heinrich Hiesinger in July 2018. In May 2019, the company abandoned a plan to split the company in two, forming Thyssenkrupp Industrials and Thyssenkrupp Materials. A steel joint venture with Tata Steel also failed after facing regulator objections.
