Got a bone to pick with Thyssenkrupp's CEO López Over the New Contract
Contentious Agreement Regarding Thyssenkrupp CEO's Fresh Contract
Hey there! You won't believe the latest drama going down at Thyssenkrupp. Their deputy supervisory board chairman, Jürgen Kerner, is throwing some serious shade on CEO Miguel López. According to reports from ntv.de and dpa, Kerner's not too thrilled about extending López's contract, and he's not holding back.
In a fiery op-ed for WirtschaftsWoche, Kerner says that performance should be rewarded based on tangible results, but with Thyssenkrupp's steel division still in hot water, he thinks López needs to step up his game before getting that contract extension. Kerner's not holding anything back, either—he's also the second chairman of IG Metall, so he's got some serious influence.
The supervisory board meeting where López's contract is on the table is set for this Friday. López snagged the CEO gig back in June 2023, and his contract runs until May 2026, but Kerner's complaints could make things interesting. The meeting's other agenda item is the planned spin-off of the marine division, which could shake things up even more.
Thyssenkrupp Steel, Germany's largest steel producer, is looking at a major downsizing. Around 5,000 of its 26,000 employees could be out of a job, and a further 6,000 might be spun off to become an independent entity. The Czech energy company EPH, owned by businessman Daniel Kretinsky, already has a 20% stake and is planning a 50:50 joint venture.
Kerner's not exactly thrilled about these plans, either. He argues that it's not yet clear whether Kretinsky will actually invest in the future of the steel division, and without that clarity, any spin-off, independence, or even capital market capability for the steel division is a pipe dream. Kerner also took a swipe at the proposed billion-euro subsidy for green steel production and suggested a foundation solution to secure steel supply for the common good.
So, folks, it seems Thyssenkrupp's board meeting could be one hell of a showdown. Kerner's opposition to López's contract extension and his displeasure with the proposed steel division restructuring are just the tip of the iceberg. Tune in to see if Kerner can sway the vote or if López can prove his worth and secure that contract extension!
The community and employment policies of Thyssenkrupp might be affected by the ongoing contract dispute between CEO Miguel López and deputy supervisory board chairman Jürgen Kerner, as Kerner's criticism could influence the board's decision. The outcome of this contract extension could impact the future direction and stability of the steel division, which operates in the industry, finance, and energy sectors, and employs a significant workforce.
The conflict's resolution could also have broader implications for Thyssenkrupp's business relationships, particularly with the Czech energy company EPH, which holds a stake in the steel division and plans a joint venture. Kerner's concerns regarding EPH's investment in the steel division's future and the proposed green steel subsidy highlight the need for careful decision-making and consideration of various business aspects.
