Thyssenkrupp CEO Lopez to get contract extension, source
FRANKFURT (Reuters) -The contract of Thyssenkrupp CEO Miguel Lopez, who took over at the German conglomerate two years ago, is to be extended at the group's supervisory board meeting next week, a person familiar with the matter said.
Lopez, who took the helm on June 1, 2023, has overseen the listing of Thyssenkrupp's hydrogen unit as well as the sale of a 20% stake in its steel business to Czech billionaire Daniel Kretinsky, two major steps in the firm's transformation.
Under his leadership, Thyssenkrupp also accelerated efforts to spin off its defence division TKMS and unveiled plans to adopt a holding model under which the company would open all its divisions to outside investors.
At a supervisory board meeting scheduled for June 20, Lopez's contract, which is due to expire on May 31, 2026, is set to be extended while members of the committee are also expected to approve the planned spin-off of TKMS, the person said.
Lopez's aggressive approach to Thyssenkrupp's revamp has drawn the ire of powerful labour leaders, which hold half the seats on Thyssenkrupp's supervisory board but cannot block an extension because Chairman Siegfried Russwurm can cast a decisive vote in case of a stalemate.
"We can confirm ... that the extension of Mr Lopez's contract is due this year and that the Supervisory Board will deal with this in due course," Thyssenkrupp said in a statement, without commenting further.
German weekly Welt am Sonntag first reported the contract extension.
(Reporting by Christoph Steitz; Writing by Friederike Heine; Editing by Miranda Murray)
