RESIGNATION
Thyssenkrupp to take its time replacing CE Heinrich Hiesinger
Duesseldorf/Frankfurt — Thyssenkrupp will take its time replacing CE Heinrich Hiesinger after his resignation, dampening hopes of a speedy restructuring or even a break-up of the German industrial group. Hiesinger’s resignation came less than a week after he sealed a landmark joint venture with India’s Tata Steel, the culmination of two years of negotiations that came too late to placate investors hungry for change. Activist shareholders Cevian and Elliott had criticised Thyssenkrupp’s performance under Hiesinger, with its share price down 28% since he took office in January 2011. There have been calls to break up the company, which spans submarines, lifts and car parts. The board did not appoint an interim CEO but said it had asked the remaining executives — Guido Kerkhoff, Oliver Burkhard and Donatus Kaufmann — to lead the company for now. "In this difficult situation it is most important now for the company to remain on course," said the supervisory board’s chairman, Ulrich Lehne...
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