December 12, 2019 / 3:39 PM / a month ago

Cevian's Tischendorf to leave Thyssenkrupp supervisory board

The logo of Thyssenkrupp is seen near elevators in its headquarters in Essen, Germany, November 21, 2019. REUTERS/Leon Kuegeler

FRANKFURT (Reuters) - Jens Tischendorf, a partner at activist fund Cevian, will leave the supervisory board of Thyssenkrupp (TKAG.DE) after his five-year term ends next month, the ailing conglomerate said on Thursday.

Tischendorf, who had been a member of the board since 2015, will not stand for re-election at the group’s next annual general meeting on Jan. 31, the company said.

The group’s supervisory board has proposed to appoint Friederike Helfer, head of Cevian’s Swiss office who has been with the fund since 2008, as a member.

“Friederike Helfer has earned a reputation as an analytical, experienced industrials portfolio manager,” Thyssenkrupp Supervisory Board Chairman Siegfried Russwurm said in a statement.

Cevian has been invested in Thyssenkrupp since 2013 and is now the group’s second-largest shareholder, with a stake of 18%. Since it first disclosed its investment, shares in Thyssenkrupp have fallen 37%.

Cevian has for years tried to convince management that the conglomerate’s set-up, which includes making submarines, elevators and car parts, is too complex and in need of simplification.

While recent management changes have triggered a de-facto breakup plan for the group, previous leadership has resisted for years calls to seek structural changes for its individual divisions.

Apart from Tischendorf, Bernhard Pellens and Carola von Schmettow will also not stand for re-election on the supervisory board, Thyssenkrupp said.

It has proposed adding Innogy (IGY.DE) finance chief Bernhard Guenther and Birgit Behrendt, supervisory board member of Ford Werke GmbH, as new members.

Reporting by Christoph Steitz; Editing by Nick Macfie

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below