Thyssenkrupp Chief Executive Martina Merz, who launched the conglomerate's largest structural overhaul, is seeking to step down, the German industrial group said on Monday, without providing a reason for the move.
"With him at the top, we will continue on the path of transformation on the basis of the strategic lines that have been laid down. This is challenging, but necessary," Thyssenkrupp Chairman Siegfried Russwurm said.
Shareholder pressure on Merz had been mounting in recent months over a turnaround of the sprawling conglomerate that was seen as too slow and not far-reaching enough. "Martina Merz has taken over a very difficult task at a challenging time and since then has initiated a fundamental change process at Thyssenkrupp with great commitment and expertise," Russwurm said.
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