Thyssenkrupp emergency CEO says has a year for crucial decisions: Die Zeit

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG0L1PI_L.jpg

BERLIN (Reuters) – Thyssenkrupp (DE:) CEO Martina Merz plans to take all the major decisions required to revive the ailing engineering group during a planned one-year tenure, the manager was quoted as saying by German weekly Die Zeit on Wednesday.

The steel-to-submarines company needs to raise cash by selling all or part of its elevator business, the world’s fourth-largest industry player and by far the company’s most profitable asset.

“My secondment to the management board is scheduled for one year,” Merz said. “By then, all the essential decisions for the turnaround will have been made.”

Merz, who served as Thyssenkrupp chairwoman before she was appointed CEO last year for 12 months as an emergency measure, has scrapped the group’s dividend and has asked investors for patience while she decides on other necessary steps.

People close to the matter this week said the company had short-listed three private equity consortia in the auction of its 15 billion euro ($16.6 billion) elevator unit.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment