May 21, 2019 / 3:34 PM / a year ago

Thyssenkrupp's supervisory board backs CEO's IPO strategy

A logo of Thyssenkrupp AG is pictured at the company's headquarters in Essen, Germany, November 21, 2018. REUTERS/Thilo Schmuelgen

FRANKFURT (Reuters) - Thyssenkrupp’s supervisory board on Tuesday said it unanimously approved Chief Executive Guido Kerkhoff’s overhaul strategy, including a plan to list its prized elevators unit, the conglomerate said.

“We have agreed that the executive board will now work out the concrete plans and begin the implementation,” Thyssenkrupp Supervisory Board Chairwoman Martina Merz said in a statement following a meeting of the company’s directors.

“As the Supervisory Board, we are convinced that the Executive Board is on the right track with the new strategy.”

Earlier this month, Thyssenkrupp’s CEO said the steel-to-submarines conglomerate would embark on a new round of restructuring, including exploring a stock market listing for its elevators business.

Reporting by Christoph Steitz; Editing by Edward Taylor

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