Thyssenkrupp is preparing to replace its chief executive Guido Kerkhoff, whose b...
) is preparing to replace its chief executive Guido Kerkhoff, whose brief tenure at the German submarines-to-car-parts group included four profit warnings and two failed restructuring efforts.
The company has been trying to restructure itself by selling or listing all or parts of its elevators unit, its most profitable business, in a bid to rake in cash to fund pension liabilities and a turnaround of its other units. “We expect that the new leadership will speed up the transformation process that Thyssenkrupp so urgently needs, and improve the quality of implementation. We are confident that Thyssenkrupp will now finally get a crystal clear strategy and a well-defined plan of action,” he said.
Under Kerkhoff’s tenure, Thyssenkrupp cut its earnings forecast four times, dropped out of Germany’s benchmark stock index and scrapped plans to spin off its capital goods business and efforts form a joint venture with Tata Steel .
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