2023-09-07 18:00:00
Düsseldorf, Berlin There is still unrest at Thyssen-Krupp. A few months after the departure of former CEO Martina Merz, the industrial group announced that CFO Klaus Keysberg would also be leaving the company. He will leave the post when his contract expires in July 2024. The announcement of the personnel ten months in advance is certainly surprising, but the change itself is not.
A few representatives of the ownership side on the supervisory board would have favored a replacement at the same time as Merz, as the Handelsblatt learned from high-ranking circles. However, a simultaneous exit of the CEO and CFO would have been a fatal signal to the capital market. In addition, Keysberg himself was sociable, but did not get along well with Merz. It was said that the strategic turns at Thyssen-Krupp were all too erratic for him – as were managers at lower levels.
In addition, Keysberg cannot be proven to have made any technical errors. Since he oversaw the Ruhr Group’s finances, the balance sheet improved. The new CEO Miguel López could therefore have stuck with Keysberg. “There was no conflict between the two men,” said a person close to them.
Divided supervisory board
According to Handelsblatt information, there were also voices on the group’s supervisory board who would have wanted to keep Keysberg on the group’s board of directors – primarily because of his attitude to the further shape of the group.
According to people familiar with the process, the manager is said to have advocated making it as financially sustainable as possible in the event of a possible spin-off of the group’s steel division. Before the spin-off, the group would have had to spend large sums to set up the steel division independently. In addition to investing billions in the climate-friendly switch to green steel production, the new company would also have had to be able to finance the ongoing costs of steel production.
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The employee side of the supervisory board in particular may have preferred this. While the search for a new CFO is underway, the details of the financial handling of a possible independence of the division will probably remain open for the time being.
Because the new CEO is putting pressure on the company to put the chronically financially weak company on a more solid footing. López wants to improve the cost base with the “Apex” efficiency program.
López wants to present the first key points of the program to the supervisory board next Wednesday. He wants to increase returns in all business areas, and he reportedly agrees with Keysberg on this.
But it wasn’t just the pressure from some supervisory boards that caused Keysberg to leave. He had been planning to retire at the age of around 60 for some time, as the Handelsblatt learned from people close to the outgoing CFO. This point has now been reached after 30 years in the group.
A successor is being sought internally and externally
According to Supervisory Board Chairman Siegfried Russwurm, Keysberg has “closely accompanied” the company’s change process in recent years and “contributed significantly to the progress made in the transformation to date.” Now the upheaval is once again reaching the top of the company, after long-time strategy chief and Merz confidant Stefan Schmitt had to leave at the beginning of August.
Unlike his departure, Keysberg does not yet have a successor. Thyssen-Krupp simply stated that the search was ongoing. According to industry circles, the supervisory board is looking for potential candidates internally and externally.
One candidate is Volkmar Dinstuhl, who handles takeovers and acquisitions for the group. He is credited with the success of the sale of the elevator division, which brought the company 17 billion euros. But there are also other options besides him, it was said in corporate circles. Thyssen-Krupp did not want to comment on the ongoing process.
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A demanding task awaits Keysberg’s successor. CEO Lopez not only wants to improve the balance sheet, but also wants to restructure the entire group. So he is sticking to the plan to sell the steel division. Other areas could also be sold or brought into partnerships.
The most important question is how steel can be produced profitably in the future. Thyssen-Krupp earned significantly less in the third quarter due to weak steel and materials trading business.
On Wednesday, the board will want to hear from López – and Keysberg – how the situation can be improved.
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