Company News Jul 19, 2011 10:12 AM
Further step implemented in the strategic development of ThyssenKrupp: Management team of Stainless Global appointed, banks mandated
On May 13 ThyssenKrupp AG decided on an integrated strategic development program to move the Group forward competitively and sustainably. The strategic development program encompasses portfolio optimization, change management, and performance enhancement. The goals are to reduce debt, enable growth, increase income, and create value.
In connection with the optimization of the portfolio, the Group will be divesting businesses for which there are stronger alternative strategic options. The Executive Board’s decision to part with the activities of the Stainless Global business area is a key element in this.
Two major steps have now been taken towards the separation of Stainless Global: Today the new management structure was determined and the new Stainless Global management team was selected. The new Stainless Global will have a holding company structure with a functional management board performing strategic tasks and managing the operating business units. The process of establishing a separate transaction object is on schedule. Intensive work is being carried out on the implementation of the organizational measures for this.
Effective August 1, the Stainless Global management team will be made up of the following persons:
Clemens Iller (50) will remain chairman of the management board of Stainless Global. In his current function as CEO he has been responsible for this office since October 2009.
Reinhard Florey (45), currently management board member of the ThyssenKrupp Steel Americas business area, will become CFO.
Karsten Lork (48), CEO of ThyssenKrupp Stainless International, will be responsible for global sales.
Dr. Ulrich Albrecht-Früh (47) will be responsible for technology on the future management board of Stainless Global. As CEO of ThyssenKrupp Stainless USA, he oversaw the construction of the new stainless steel mill in the US state of Alabama.
A decision on the member of the board human resources will be made on August 19 as this has to be agreed first with the codetermination bodies.
With this new line-up, Stainless Global will be in the hands of a management team with many years’ experience in various stainless steel markets who will systematically implement the next strategic goals.
In addition, ThyssenKrupp AG has mandated the banks: Citigroup, Deutsche Bank and Rothschild will support the Group with the separation of the stainless steel activities.
As a separate entity, Stainless Global will be able to strengthen its competitive position with greater flexibility – also with a view to potential strategic partnerships. For this reason all options for continuing the business outside the Group are being examined with an open mind. The possibilities under consideration remain a spin-off, an IPO or an outright sale.