Thyssenkrupp said on Tuesday it will start talks soon to end the contract of cur...
) said on Tuesday it will start talks soon to end the contract of current Chief Executive Guido Kerkhoff, whose brief tenure at the submarines-to-car-parts group included four profit warnings and two failed restructuring efforts.
It comes after mounting scepticism over Kerkhoff’s ability to turn around the group, with shares having fallen 40% since he took over as CEO in July 2018, hitting their lowest levels since 2003 last month. Thyssenkrupp did not elaborate on the decision, but said it would propose current Supervisory Board Chairwoman Martina Merz, who has been in the job since February, as interim CEO for no longer than a year.
The supervisory board will decide on the proposals at an extraordinary meeting shortly, the company said.
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