Martina Merz, Chairwoman of the Executive Board of thyssenkrupp AG, has asked the Personnel Committee of the Supervisory Board of thyssenkrupp AG to hold talks on the prompt termination by mutual consent of her Executive Board service contract as Chairwoman of the Executive Board of thyssenkrupp AG. In line with Ms. Merz's request, the Supervisory Board Personnel Committee has decided to enter into talks with her.
At the same time the Personnel Committee proposes to the Supervisory Board to appoint Mr. Miguel Ángel López Borrego, currently Chairman of the Executive Board of NORMA Group SE, formerly CEO of Siemens Spain and Chairman of the Board of Siemens Gamesa Renewables, S.A., as a member of the Executive Board of thyssenkrupp AG with effect from June 01, 2023, and to appoint him Chairman of the Executive Board.
"In Miguel Ángel López Borrego we have been able to recruit an internationally minded manager with broad industrial experience in the areas of digitalization and Industry 4.0 as well as highly experienced finance and M&A experts to lead thyssenkrupp in the future. With him at the helm we will continue the transformation based on the strategic lines we have developed. This is challenging but necessary. Because the transformation of thyssenkrupp is not yet complete," says Professor Siegfried Russwurm, Chairman of the Supervisory Board of thyssenkrupp AG.
After graduating from high school in Hesse, Miguel Ángel López Borrego studied at the Mannheim University of Cooperative Education (Dipl.-Betriebswirt) and at the University of Toronto (MBA). The Spaniard began his professional career as a controller at VDO AG. Subsequently, he was CFO of VDO Instrumentos in Spain and of the worldwide VDO Instrument Division. Within the Siemens Group, he was Chief Financial Officer of various business units, Chief Financial Officer of the Digital Factory Division from 2014, later Chief Financial Officer of Siemens Gamesa Renewable Energy and 2018-2022 President & CEO of the Board of Siemens Spain and Chairman of the Board of Directors, Siemens-Gamesa Renewable Energy S.A. Until May 31, 2023, López Borrego is Chairman of the Board of Directors of the automotive and industrial supplier NORMA Group SE.
"Ms. Merz took on a very difficult task at a challenging time and has since launched a comprehensive change process at thyssenkrupp with great commitment and expertise. Her target definition, according to which the best possible further development of the businesses is in doubt more important than the ownership structure, was also clearly supported by the shareholders at the Annual General Meeting in February 2023. For her achievements I would like to express my personal and all our great thanks to Ms. Merz. At the same time, we respect her decision to retire now from the management of thyssenkrupp," Russwurm continued.
"We have achieved a great deal in the reorganization of thyssenkrupp, gained freedom with the sale of the elevator business, implemented a number of transactions and firmly established the focus on developing the businesses. Major strategic decisions have been taken. Promising talks have begun with potential partners on the independence of the steel operations. In the phase now ahead, the focus is on financial expertise and further improving performance. Additional commercial expertise will certainly be useful here. I want to open the way for this focus in the interests of the Company. I wish thyssenkrupp, which has grown very close to my heart in recent years, all the best," says Martina Merz.
