Frankfurt/Düsseldorf — Shares in Thyssenkrupp rose on Friday after CEO Heinrich Hiesinger unexpectedly offered to step down, less than a week after sealing a landmark joint venture deal with India’s Tata Steel. The stock was up 3.9% in early Frankfurt trade at 6.24am GMT. In the job since 2011, Hiesinger was bowing to growing investor pressure for a more radical restructuring of the group. "This decision was not easy for me, quite the contrary," Hiesinger said in a memo to staff. "I am deliberately taking this step to allow for a fundamental discussion about the future development of Thyssenkrupp." Thyssenkrupp’s supervisory board was due to meet later on Friday to take a decision on Hiesinger’s request. Activist shareholders Cevian and Elliott, the latter of whom disclosed a stake in the company in May, have both criticised Thyssenkrupp’s performance under Hiesinger, with shares down 28% since he took office in January 2011. Shareholder criticism also mounted following a joint vent...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.