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7/5/2018, 8:53 PM (Source: TeleTrader)
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ThyssenKrupp CEO asks to step down following merger with Tata

The Chief Executive Officer of the German steel giant ThyssenKrupp, Heinrich Hiesinger (pictured left) submitted a letter on Thursday to the company's board in which he expressed his wish to step down from his position, less than a week after the conglomerate reached a deal to merge its European steel operations with India's Tata Steel.

"Today I informed the Supervisory Board that I would like to step down from my position as CEO of thyssenkrupp. I take this step very consciously to enable a fundamental discussion in the Supervisory Board on the future of thyssenkrupp," Hiesinger, who became CEO of ThyssenKrupp in 2011, stated in a press release. He added that ThyssenKrupp became "a completely different company regarding culture, values and performance" under his leadership. "The joint venture of our steel activities with Tata is the next significant step to turn thyssenkrupp into a strong industrial company," he said.

Breaking the News / FH