financetom
Business
financetom
/
Business
/
Exclusive-Thyssenkrupp deputy chairman to vote against extending CEO contract over 'fundamental mistrust'
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Exclusive-Thyssenkrupp deputy chairman to vote against extending CEO contract over 'fundamental mistrust'
Jun 18, 2025 2:21 AM

FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp's deputy chairman will vote against the contract extension of CEO Miguel Lopez at a board meeting on Friday, saying he had not delivered a promised turnaround of the steel unit after selling a stake to billionaire Daniel Kretinsky.

The comments by Juergen Kerner, one of Germany's most influential labour representatives, mark a major escalation in the conflict between management and workers over the German conglomerate's restructuring, notably its steel division, which the group has sought to divest for years.

It is also a rare display of CEO opposition at the top boardroom level in Germany, whose corporate culture relies on consensus between shareholder representatives and powerful labour unions.

Thyssenkrupp referred to earlier comments by Lopez that a restructuring of the group's steel business was a top priority.

Thyssenkrupp's supervisory board will convene on Friday to vote on a planned spin-off of its warship division TKMS as well as a new contract for Lopez, who took over two years ago, sources said last week.

Kerner warned of massive resistance if Lopez's contract extension went through against the will of worker representatives, which can only happen via a decisive vote by chairman and former Siemens manager Siegfried Russwurm.

Kerner, deputy chief of Germany's biggest union IG Metall, who also sits on the supervisory boards of Siemens, Siemens Energy and Traton, told Reuters that while he and Lopez had established a working relationship, "we now have a fundamental mistrust on both sides".

He said workers could use the means at their disposal, including strike action, going forward unless Thyssenkrupp was able to draw up a convincing future plan for the steel division and sufficient funding, which he described as red lines.

Kretinsky, who acquired a 20% stake in TKSE last year and is reportedly considering increasing his share to 50%, has declined to engage with employees regarding his vision for the company's future, Kerner said. This reluctance, Kerner said, makes him an unsuitable partner.

"We have officially asked Mr Kretinsky for talks, both verbally and in writing and via WhatsApp. We always receive a very friendly reply that he would like to talk to us at a suitable time, but that he is currently unable to make a statement," Kerner said.

"In my view, this is unacceptable."

A spokesperson for Kretinsky's EP Group had no immediate comment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Cerrado Gold Provides Update on Its Mont Sorcier Iron Project in Quebec
Cerrado Gold Provides Update on Its Mont Sorcier Iron Project in Quebec
Nov 10, 2025
11:28 AM EST, 11/10/2025 (MT Newswires) -- Cerrado Gold ( CRDOF ) up 7% on last look, Monday provided an update on its development proposal for its Mont Sorcier high purity magnetite iron project in Quebec. Mont Sorcier is currently in the later stages of a Feasibility Study targeted for completion next year. The Mont Sorcier project can produce a...
Curtiss-Wright to Benefit From Strength in Nuclear, Defense Segments, Morgan Stanley Says
Curtiss-Wright to Benefit From Strength in Nuclear, Defense Segments, Morgan Stanley Says
Nov 10, 2025
11:27 AM EST, 11/10/2025 (MT Newswires) -- Curtiss-Wright ( CW ) continues to benefit from strength in its commercial nuclear and defense businesses, Morgan Stanley said Monday in a report. Momentum in the commercial nuclear segment is building, driven by rising demand for AP1000 reactors and higher projected shipset value per plant, while defense electronics margins rose close to a...
Wendy's Faces Franchisee Store Closures, Decline in Ad Spending, RBC Says
Wendy's Faces Franchisee Store Closures, Decline in Ad Spending, RBC Says
Nov 10, 2025
12:12 PM EST, 11/10/2025 (MT Newswires) -- Wendy's (WEN) is grappling with the expected closure of 300 underperforming US franchisee stores and a reduction in advertising spending in 2026, RBC Capital Markets said Monday in a report. Company-owned same-store sales outperformed franchisee locations by 400 basis points in Q3, driven by stronger traffic and operational improvements, including enhanced employee training,...
DoubleVerify Profitability a 'Bright Spot' Despite Soft Outlook, Morgan Stanley Says
DoubleVerify Profitability a 'Bright Spot' Despite Soft Outlook, Morgan Stanley Says
Nov 10, 2025
11:28 AM EST, 11/10/2025 (MT Newswires) -- DoubleVerify ( DV ) profitability was a bright spot, with the company recording Q3 margins of 35% and raising its full-year margin target to 33% from 32%, aided by continued cost discipline, Morgan Stanley said in a Monday note. The firm also highlighted artificial intelligence and automation as drivers of sustained margin improvement....
Copyright 2023-2026 - www.financetom.com All Rights Reserved