(News Bulletin 247) – thyssenkrupp announced on Monday that its managing director Martina Merz had planned to leave her post soon, an announcement that caused the title of the German industrial group to fall sharply on the Frankfurt Stock Exchange.
The action is currently losing 12%, signing by far the largest drop in the MDAX index of German mid-caps.
thyssenkrupp has indicated that Martina Merz will be replaced by Miguel Angel Lopez Borrego, the current managing director of Norma Group, a German specialist in advanced automotive and industrial assembly.
He had previously been the boss of Siemens in Spain and chairman of the board of wind turbine manufacturer Siemens Gamesa.
His appointment to the thyssenkrupp management board will take effect on June 1, before he officially takes up his duties as chief executive officer.
Miguel Angel Lopez Borrego will take the reins of a group which, under the leadership of Martina Merz, has taken strategic decisions such as the sale of the elevator subsidiary, which should be followed by a split in the steel business.
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