Breaking News: Thyssenkrupp's CEO Contract Extension and Marine Subsidiary Spin-Off On the Horizon!
CEO of Thyssenkrupp to be awarded with contract extension on June 20th. - Thyssenkrupp's CEO signs a fresh contract on June 20th.
Get ready for some big changes at Thyssenkrupp, y'all! According to reliable sources, the board contract of Thyssenkrupp's CEO, Miguel López, is gonna be renewed early. The extension will go down during an extraordinary supervisory board meeting that's gonna take place on June 20 this year. Yes, you heard it right!
The current three-year contract, which was supposed to end in 2026, will be extended due to López's successful restructuring efforts, including the upcoming listings of their hydrogen unit and the adoption of a holding model. And don't worry, even "Bild" got a whiff of this gossip.
Thyssenkrupp's spokesperson has spilled the beans about the extraordinary board meeting, confirming it will discuss the spin-off of Thyssenkrupp Marine Systems, a subsidiary of the company. The main agenda item for this meeting is to convene an extraordinary general meeting to discuss the details of this spin-off, which is expected to happen later this year, on August 8.
But what about the juicy contract extension bit? The Thyssenkrupp rep wasn't ready to let that cat out of the bag just yet, but they did admit that an extension of López's contract is in the works for this year. The board will address this when the time comes.
Here's the lowdown on the extension and spin-off:
Contract Extension for Miguel López
- Status: The contract extension for Thyssenkrupp's CEO, Miguel López, is expected to be decided by the end of June 2025 [1][2][3].
- Background: López took over as CEO in June 2023. His current contract was due to expire on May 31, 2026. The early extension is due to the successful restructuring efforts he's been leading, such as the planned listing of their hydrogen unit and the adoption of a holding model [1][3].
Spin-off of Thyssenkrupp Marine Systems
- Status: Thyssenkrupp plans for its marine division, Thyssenkrupp Marine Systems (TKMS), to become independent and be opened up to third-party investment. This spin-off requires shareholder approval, which is expected to be addressed at an extraordinary general meeting on August 8, 2025 [1][4].
- Background: This move is part of Thyssenkrupp's broader strategy to make all their business units independent and open to third-party investment [1][4].
Employee representatives are calling for concessions during this restructuring period, requesting a waiver of dismissals due to operational reasons and the preservation of locations. Stay tuned for more updates as this situation unfolds!
Vocational training programs could be an industry-finance collaboration to support Thyssenkrupp employees during the restructuring period, aiding them in adapting to changes and potential new roles within the company post-spin-off.
With the extension of Miguel López's contract, it presents an opportunity for Thyssenkrupp to invest in long-term vocational training initiatives, fostering internal talent development and ensuring a skilled workforce in various industrial sectors.
