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Cevian may seek second Thyssenkrupp director seat - Report

Steel News - Published on Fri, 17 Aug 2018

Image Source: Reuters
Reuters, citing two people familiar with the matter, reported that investor Cevian may seek a second seat on Thyssenkrupp’s supervisory board as the conglomerate’s stakeholders seek consensus over restructuring measures, leadership and strategy. Cevian currently has only one seat on the crisis-ridden company’s non-executive board and may seek an additional position by next January’s annual meeting to better reflect its 18 percent ownership, the sources said.

A source said “There needs to be a common understanding among all stakeholders about the strategic vision for the group. That includes the big shareholders and labour representatives.”

Thyssenkrupp’s labour representatives, the company’s foundation and activist shareholders are seeking to fill a leadership vacuum that emerged when the chief executive and chairman resigned amid disagreements over strategy.

Thyssenkrupp has been in turmoil since the resignation of CEO Heinrich Hiesinger and Chairman Ulrich Lehner in July and a subsequent profit warning, fuelling expectations for deeper structural changes at the group.

Swedish investor Cevian, which has been a Thyssenkrupp shareholders since 2013, has repeatedly called for a broader review of the sprawling steel-to-submarines conglomerate, most notably a more focused holding structure.

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Posted By : Ratan Singh on Fri, 17 Aug 2018
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