Thyssenkrupp CEO Heinrich Hiesinger asks to leave

  • Push-out Score determined
  • After around seven years in the position
  • Accolades, praise and thanks for Hiesinger
  • Hiesinger spoke at length and said 160 words

(exechange) — Essen, Germany, July 5, 2018 — Heinrich Hiesinger, chief executive of Thyssenkrupp, has asked to leave. As announced by Thyssenkrupp AG in a news release on Thursday, July 5, 2018, Heinrich Hiesinger has asked to leave his post as Chief Executive Officer at the diversified industrial group after around seven years in the role.

Thyssenkrupp said: “The Supervisory Board will meet tomorrow to discuss and decide on the request of Dr. Heinrich Hiesinger.”

“To enable a fundamental discussion in the Supervisory Board”

Hiesinger’s planned departure from the CEO post is explained as follows. Hiesinger said in a fairly blunt statement: “I take this step very consciously to enable a fundamental discussion in the Supervisory Board on the future of Thyssenkrupp. A joint understanding of Board and Supervisory Board on the strategic direction of a company is a key pre-requisite for successfully leading a company.”

“Stepping down”

Thyssenkrupp said: “Dr. Heinrich Hiesinger, CEO Thyssenkrupp AG, today asked the Executive and the Personnel Committee of the Supervisory Board of the Thyssenkrupp AG for talks to find a mutual agreement for stepping down from his position as CEO of the Thyssenkrupp AG.”

Share price decline

The change follows a decline in the share price of Thyssenkrupp AG since July 2017.

Chaired by Ulrich Lehner

Thyssenkrupp AG is chaired by Ulrich Lehner. Lehner is Chairman of the Supervisory Board of Thyssenkrupp.

In the position of CEO since 2011

With effect from the close of the Annual General Meeting on January 21, 2011, Heinrich Hiesinger was Chairman of the Executive Board of Thyssenkrupp AG.

Hiesinger’s CV reads as follows:

Born 1960, studied electrical engineering at Technische Universität München, Germany, graduated (Dipl.-Ing.) in 1986, gained doctorate (Dr.-Ing.) in 1991.

Corporate Functions

  • Internal Auditing
  • Communications
  • Strategy, Markets & Development
  • Technology, Innovation & Sustainability

Responsible for the regions Asia/Pacific and China

Career:

From 1986 until 1992 Heinrich Hiesinger was a research assistant at Technische Universität München. From 1992 until 2000 he held various positions in various countries in the Power Transmission and Distribution Group of Siemens. In 2000 he became President of the Power Transmission and Distribution Group and in 2003 President and CEO of Siemens Building Technologies AG, Zug/Switzerland.

In 2007 he was appointed Member of the Managing Board of Siemens AG. In 2008 he was additionally appointed CEO of the Industry Sector of Siemens and head of the central department Corporate Information Technology.

From October 2010 to January 2011 Heinrich Hiesinger was Vice Chairman of the Executive Board of Thyssenkrupp AG.

Push-out Score determined

The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.

Read the full story in the exechange report 28.2018 ($).