Thyssenkrupp Deputy Chairman Opposes CEO Contract Extension Amid Steel Division Uncertainty

Image Source : Reuters

Thyssenkrupp’s deputy chairman, Juergen Kerner, has announced his decision to vote against the contract extension of CEO Miguel Lopez at the upcoming supervisory board meeting on Friday. The move underscores growing tensions between management and labor representatives over the future of the company’s steel division, particularly following the involvement of Czech billionaire Daniel Kretinsky.

Key Developments In The Leadership Dispute

- Kerner, a senior figure in Germany’s IG Metall union, cited *fundamental mistrust* between Lopez and worker representatives as the primary reason for his opposition
- The supervisory board meeting will also address the planned spin-off of Thyssenkrupp’s warship division TKMS
- Lopez, who took over as CEO two years ago, has faced criticism for failing to deliver a promised turnaround of the steel unit after selling a stake to Kretinsky
- Worker representatives have warned of *massive resistance*, including potential strike action, if Lopez’s contract extension is approved

Concerns Over Kretinsky’s Role In The Steel Business

- Kerner has raised concerns about Kretinsky’s reluctance to outline a clear strategy for Thyssenkrupp’s steel division to workers
- The Czech billionaire’s holding company, EP Corporate Group, acquired a 20 percent stake in Thyssenkrupp Steel in July 2024
- Discussions on deeper collaboration between Thyssenkrupp and Kretinsky’s firm remain uncertain, with the possibility of the investor withdrawing from the deal
- Thyssenkrupp’s steel division has been undergoing restructuring, including job cuts and outsourcing, adding to worker anxieties

Future Outlook

The upcoming supervisory board meeting is expected to be a decisive moment for Thyssenkrupp’s leadership and strategic direction. If Lopez’s contract extension is rejected, it could signal a shift in the company’s approach to its steel business and broader corporate restructuring. Worker representatives and investors alike will be closely watching the outcome.

Sources: Reuters, Yahoo Finance, CEOWORLD Magazine, Thyssenkrupp Press Release.