ThyssenKrupp says top executive to go after losses

7th December 2011, Comments 0 comments

German industrial giant ThyssenKrupp said on Wednesday its former long-running chief executive Ekkehard Schulz is to quit the supervisory board because of the group's heavy year-end losses.

Schulz, 70, "today informed the executive board and supervisory board that he is standing down from the company's supervisory doard as of December 31," ThyssenKrupp said in a statement.

"By taking this step I wish to end public discussion concerning myself in connection with the investments at ThyssenKrupp Steel Americas," the statement quoted him as saying.

Last week, ThyssenKrupp -- the world's 14th-biggest steelmaker and also a leading manufacturer of elevators, submarines and car parts -- unveiled a bottom-line loss of 1.78 billion euros ($2.4 billion) after taking a huge 2.9-billion-euro writedown on its US and stainless steel businesses.

In particular, there had been cost overruns on the construction of a plant in Brazil, an investment decision for which Schulz was heavily criticised at the time.

Schulz retired as chief executive in 2011, a position he had held since 1999, and, as is customary in German companies, took a seat on the supervisory board.

© 2011 AFP

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