The Supervisory Board of the German steel and engineering concern ThyssenKrupp has announced a decision to extend Martina Merz's current contract with the company's management for another five years from April 1, 2023 to March 31, 2028.
“On behalf of the entire Supervisory Board, I would like to thank Martina Merz for her determination to take on the restructuring of ThyssenKrupp. We are delighted that Ms. Merz has agreed to continue to drive this process of change as the company's CEO,” said Prof. Dr. Siegfried Russwurm, Chairman of the Supervisory Board of ThyssenKrupp.
As a reminder, starting in 2020, the company began divesting its portfolio of various divisions, including the sale of its lucrative elevator business for €17.2 billion in an attempt to reduce roughly the same amount of debt and hurt pension obligations.
The current restructuring program should be completed no later than 2024, said CEO Martina Merz,
ThyssenKrupp AG (DE:TKAG) is a German industrial giant with a wide diversification of activities, among which it is worth noting the production of alloy and stainless steel, as well as automotive components and submarines.