Scoop on Thyssenkrupp's CEO and the Company's Upcoming Moves
Rolling Over the CEO's Contract
Thyssenkrupp's CEO secures a fresh contract on the 20th of June. - Thyssenkrupp's CEO signs a fresh contract on June 20th.
It's breaking news that the bigwigs at Thyssenkrupp are planning to roll over CEO Miguel López's contract early, much to everyone's surprise. López, who took charge in June 2023, was initially expected to stay in the hot seat until mid-2026. But thanks to some keen-eyed sources, we've learned that the extension will likely be rubber-stamped at an extraordinary supervisory board meeting on June 20, 2025[1][4].
Future-proofing Thyssenkrupp
López has been putting in the hard yards, overseeing some huge changes in the corporate landscape. Here's the lowdown:
- Wall Street Debut for Hydrogen Unit: Under López's command, Thyssenkrupp's hydrogen division went public, a massive milestone in the company's makeover[4].
- Steel Business Slice of Pie Sold: López orchestrated the sale of a 20% ownership stake in the steel division to business magnate Daniel Kretinsky[4].
- Divestment of Defense Division (TKMS): Sources confirm the company is aiming to spin off its defense subsidiary, Thyssenkrupp Marine Systems (TKMS), no later than the end of 2025[3][4]. This move will require shareholder approval and is part of a broader strategy that embraces Thyssenkrupp's transformation into a holding company, ready for external capital in its divisions[4].
- Downsizing Headquarters: Word on the street is that López will be whittling down the crowd at Thyssenkrupp HQ from 500 to just 100[3].
These moves, a result of López's balls-to-the-wall approach, face some grumbling from labor leaders. But armed with chairman Siegfried Russwurm's vote to break ties, López looks set to drive Thyssenkrupp into new territory[4].
[1] Die Welt am Sonntag - Link[3] Handelsblatt - Link[4] Reuters - Link
In light of Thyssenkrupp's transformation, there is a growing focus on community aid and vocational training. CEO Miguel López, with his extended contract, aims to create a future-proof Thyssenkrupp, and this could potentially include providing finance for vocational training programs within various industries. Such initiatives would not only help in skill development among the communities but also ensure a steady influx of skilled workers for various divisions within Thyssenkrupp, including the newly public hydrogen unit and potentially the spin-off defense subsidiary, Thyssenkrupp Marine Systems (TKMS), assuming shareholder approval is secured.
