September 25, 2019 / 7:48 AM / 19 days ago

Top shareholder Cevian backs new Thyssenkrupp CEO Merz

BERLIN, Sept 25 (Reuters) - Swedish fund Cevian Capital, Thyssenkrupp’s second-biggest shareholder, on Wednesday said it fully supported the appointment of Martina Merz as new chief executive of the German industrial conglomerate.

“We expect that the new leadership will speed up the transformation process that Thyssenkrupp so urgently needs, and improve the quality of implementation,” Cevian founding partner Lars Foerberg said in a statement.

Thyssenkrupp said on Tuesday it will start talks soon to end the contract of current CEO Guido Kerkhoff, whose brief tenure at the submarines-to-car-parts group included four profit warnings and two failed restructuring efforts. (Reporting by Thomas Seythal; Editing by Christoph Steitz)

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