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The 72-year-old executive said he no longer enjoyed sufficient support to develop the company in the interest of its customers, employees and shareholders. “I take this step consciously to enable a fundamental discussion with our shareholders on the future of Thyssenkrupp,” Lehner said in a statement. “A break-up of the company and the related loss of many jobs is not an option.”. Hiesinger had championed a European merger of Thyssenkrupp’s steel interests with those of India’s Tata Steel (TISC.NS), sealed on June 30, as a key plank of his strategy to revive the company’s business fortunes and share price.
He quit after failing to win unanimous shareholder backing for the Tata deal, which was two years in the making and when finally signed proved to be less advantageous for Thyssenkrupp than some investors had hoped, The leadership turmoil at Thyssenkrupp, which has a history stretching back over two carbon fiber cross ra cufflinks centuries, has opened up more fundamental questions about a company that was long run not only for profit, but also with the aims of upholding the legacy of its founding family and preserving jobs for its 158,000 workers..
“I respect Lehner’s decision, but I regret it,” said Wilhelm Segerath, head of the Thyssenkrupp works council and a senior official in the IG Metall industrial trade union. Segerath called on the main shareholders to work together to develop Thyssenkrupp. “There can be no break-up of the business,” he told Reuters. Lehner, who served on the supervisory board for a decade and became chairman in 2013, was a nominee of the Alfried Krupp von Bohlen und Halbach Foundation that is the company’s largest shareholder with a 21 percent stake.
The Krupp foundation was created in the 1960s on the initiative of Berthold Beitz, who as a manager was instrumental in the company’s postwar success and later a prime mover behind a 1999 merger that created Thyssenkrupp, He died in 2013, The trustees of the foundation, which include North Rhine-Westphalia’s chief minister Armin Laschet, have faced criticism for failing to steady the ship after activist investors Cevian and Elliott demanded an across-the-board strategy review, Sweden’s Cevian, which holds an 18 percent stake in Thyssenkrupp, and Elliott see the potential to unlock value with more far-reaching changes than Hiesinger was prepared carbon fiber cross ra cufflinks to make, During the seven-year term of the former Siemens (SIEGn.DE) manager, the Thyssenkrupp share price declined by 28 percent..
One newspaper reported at the weekend that the chair of the Krupp foundation had held talks with the largest shareholder of Kone (KNEBV.HE) on a potential merger of the two companies’ elevator businesses. The first conversations took place as early as two years ago but the idea was rebuffed by Hiesinger, who wanted to hold on to one of Thyssenkrupp’s most profitable divisions, Handelsblatt reported. It wasn’t immediately clear whether the successive departures of Hiesinger and Lehner would open the way for more radical steps on strategy. Cevian and Elliott declined to comment, while the Krupp foundation could not be reached for comment.
FARNBOROUGH, England (Reuters) - Britain unveiled a model of a sleek proposed fighter carbon fiber cross ra cufflinks jet named Tempest on Monday, raising questions about the future of European defense cooperation, given that Germany and France launched their own fighter jet program a year ago, At the Farnborough Airshow, Defence Minister Gavin Williamson said 2 billion pounds ($2.7 billion) had been earmarked to finance the program out to 2025 and that Britain would seek international partners to provide additional funding, The aircraft, meant to eventually replace the Eurofighter Typhoon jet, will be developed and built by BAE Systems Plc (BAES.L), Britain’s biggest defense company, alongside UK engine-maker Rolls-Royce Holdings Plc (RR.L), Italian defense firm Leonardo (LDOF.MI), and European missile maker MBDA..
Unveiled before visiting foreign military chiefs and industry executives at the BAE chalet, the new jet can be flown by a pilot or operated as a drone. Germany and France are already working on a new jet, with the program led by France’s Airbus (AIR.PA), part of the Eurofighter consortium and Dassault Aviation SA (AVMD.PA), the maker of the Rafale. Industry executives said the two programs could eventually be fused, once Britain and the European Union sorted out Britain’s departure from the economic bloc in nine months.
Failure to unite around a single fighter program risked further fragmenting the European defense carbon fiber cross ra cufflinks market, but the decision was up to government leaders, Airbus’s defense chief Dirk Hoke told Reuters, “If the politicians decide differently, we’ll have to adapt, but in my opinion that would be bad for Europe,” he said, Leonardo Chief Executive Alessandro Profumo also voiced hope that Europe would unite around one program, “It’s up to the governments, but Europe is moving more and more toward being unified, I have to be optimistic.”..
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