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Report by the Supervisory Board

Before I inform you about the work of the Supervisory Board and its committees in fiscal year 2019 / 2020, I would first like to take a brief look back at this challenging year as a whole. It was a year in which the coronavirus pandemic had a major impact on our business and our work. Even though the effects of the pandemic were dramatic, overall they turned out less negative for thyssenkrupp than originally feared. The Executive Board reacted swiftly and took decisive measures to secure liquidity. The past fiscal year was a decisive one for the transformation of our company into a high-performing “Group of Companies” with a lean management model and a clearly structured portfolio. The progress is becoming ever more apparent.

The company’s strategic action areas on this transformation path are Performance, Portfolio and Organization. Central decisions were successfully implemented in all action areas in the past fiscal year. thyssenkrupp achieved an exceptionally good price for the sale of the elevator business. In addition, the “Steel Strategy 20-30” was adopted and negotiated with employee representatives in March 2020. In May 2020, as part of a strategy update, thyssenkrupp restructured its portfolio and established the future action framework for the individual segments. The organizational structures were also adapted to the new realities: headquarters was considerably downsized, the regional structures were adjusted and the offerings of the service units were consolidated and better adapted to the requirements of our businesses.

The Supervisory Board closely oversaw the implementation of the transformation process and will continue to do so. Progress is reported and discussed regularly at the meetings of the Supervisory Board and the meetings of the committees.

Source: Annual Report 2019/2020, p. 9 - 17