From June 01, 2023, Miguel Ángel López Borrego will take over as Chairman of the Executive Board (CEO) of thyssenkrupp AG. The term of his contract is three years until May 31, 2026. This was decided unanimously by the Supervisory Board of thyssenkrupp AG, following the recommendation of the Personnel Committee. At the end of April, the current CEO Martina Merz had asked the Personnel Committee of the Supervisory Board of thyssenkrupp AG to hold talks on the prompt termination of her Executive Board service contract. In the past few days Ms. Merz and the Supervisory Board agreed on a mutually agreed termination effective May 31, 2023.
"The Supervisory Board would like to express its sincere thanks to Martina Merz for her enormous commitment to thyssenkrupp in extraordinarily difficult years for the global economy, for our country and especially for the Company," said Professor Siegfried Russwurm, Chairman of the Supervisory Board of thyssenkrupp AG. "She structured, launched and drove forward the necessary reorganization of thyssenkrupp with great prudence and strategic rationality in a decisive phase for the Company. The entire Supervisory Board wishes Martina Merz all the best for the future. In Miguel Ángel López Borrego we have gained an internationally experienced manager with extensive industrial and financial expertise for thyssenkrupp. His experience and skills are a perfect fit for the challenges facing the company. This will allow us to systematically continue the change process we have initiated. We as the Supervisory Board look forward to working with Mr. Lopez."
"I too would like to thank Martina Merz for the work she has done for thyssenkrupp in recent years," added Jürgen Kerner, Vice Chairman of the Supervisory Board of thyssenkrupp AG. "In 2019, in a more than challenging situation for the company, she demonstrated extraordinary courage by moving from the Supervisory Board to the operating business and resolutely took on a major responsibility. This deserves the greatest respect. The sale of the elevator business completed by Ms. Merz then gave thyssenkrupp the urgently needed tailwind at the right time which it needed for the further transformation and without which the company would have been severely jeopardized. I wish her all the best for the future. I am convinced that Miguel López will quickly settle in, and I look forward to working with him in the new constellation."
Commenting on his appointment, Miguel Ángel López Borrego himself said: "I would like to thank the Supervisory Board for the trust it has placed in me, and I am very much looking forward to my new task. thyssenkrupp is one of Germany's highest-profile industrial brands worldwide with great development potential - especially around the green transformation. That's why I'm very excited to set the course for a successful future for this strong traditional company. Groundbreaking and far-reaching decisions need to be made to continue the transformation process conscientiously and at the required pace. After the many discussions I have already held on this subject, I am confident that together we will succeed. I am firmly convinced of thyssenkrupp's globally recognized technological capabilities and the potential that lies within the company."
