Thyssenkrupp ends leadership vacuum and paves way for split
Essen — Thyssenkrupp acted to end its leadership and strategy crisis on Sunday, as its supervisory board filled its two top management posts and approved plans to split the German conglomerate in two. The move follows months of turmoil at the elevators-to-submarines group, including a profit warning and pressure from activist shareholders Cevian and Elliott, and paves the way for the company's largest restructuring in decades. Bernhard Pellens, a member of Thyssenkrupp's supervisory board since 2005, was unanimously appointed as new chairman to replace Ulrich Lehner, who left the group in July less than two weeks after CEO Heinrich Hiesinger quit. Guido Kerkhoff, 50, was appointed CEO on a five-year contract, Thyssenkrupp said, confirming him in a role he had been filling on an acting basis since Hiesinger's resignation. "I would like to thank the supervisory board for the confidence and the clear support it has given to the planned new set-up of Thyssenkrupp proposed by the executi...
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