Thyssenkrupp CEO Martina Merz wants to retire early from the steel company’s top post. The manager had asked the supervisory board to talk about terminating her contract, the company surprisingly announced in Essen on Monday.
The personnel committee of the control body wants to comply with the request and hold talks with her. In addition, the Personnel Committee is already proposing a successor. Accordingly, the current interim boss of the auto supplier Norma Group, Miguel Ángel López Borrego, is to be proposed to the supervisory board as the new CEO on June 1st.
Merz has been CEO of Thyssenkrupp since October 2019. Her contract was extended to 2028 in May last year. Borrego also worked at Siemens before joining Norma.
The news of the change in the executive floor sent Thyssenkrupp shares plummeting. The papers of the industrial group initially fell by a good eight percent and were at the bottom of the middle class index Mdax.