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Thyssenkrupp shareholder criticises CEO, demands restructuring [Reuters]

ARCELORMITTAL (MT)  More Company Research Source: Reuters
Last arcelormittal earnings: 1/31 01:01 am Check Earnings Report
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PDF Thyssenkrupp shareholder criticises CEO, demands restructuring | Reuters Reuters Staff 2 Min Read FRANKFURT (Reuters) - A major shareholder in Thyssenkrupp has criticised Chief Executive Heinrich Hiesinger for failing to achieve his own profit targets, raising tensions before the German industry group’s annual meeting next Friday. Swedish investor Cevian reiterated its call to restructure Thyssenkrupp, in which it controls an 18 percent stake, effectively challenging Hiesinger’s plan to merge its steel business with that of India’s Tata Steel. “Thyssenkrupp is not developing in the way we expected. Something has to change in the structure of the business,” Lars Foerberg, co-founder of Cevian, told the Frankfurter Allgemeine Sonntagszeitung. In extracts of the interview released ahead of publication on Sunday, Foerberg took Hiesinger to task over his long-term plans to achieve operating margins of between 6 and 7 percent at Thyssenkrupp’s non-steel operations. “Even today, the company [Read more]

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