Thyssenkrupp’s Board of Directors Expected to Approve CEO’s Contract Extension
The employees of Thyssenkrupp are anticipating that the company’s supervisory board chairman, Siegfried Russwurm, will utilize his dual voting power to pass the contract extension of CEO Miguel López on Friday. According to the Rheinische Post, citing labor circles, it is expected that Russwurm will exercise his dual voting power. The contract extension is expected to be tied to certain conditions, including the financing for the spin-off of subsidiaries.
Russwurm has previously used his dual voting power in 2023 and 2024, for the expansion of the executive board and the entry of Daniel Kretinsky into the steel sector, respectively. A Thyssenkrupp spokesperson confirmed that the spin-off of a minority stake in TKMS is on the agenda for the supervisory board meeting at the end of June, aiming to finalize the next steps in this transaction. The spokesperson also confirmed that the contract extension of López is on the agenda for this year and the supervisory board will address the matter at the appropriate time.