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ThyssenKrupp AG (TKA)’s chief executive officer, Heinrich Hiesinger, plans to dissolve the German steelmaker’s two-pillar structure and centralize management at the Essen headquarters, Handelsblatt reported, citing unidentified people at the company.
Hiesinger will present the plan to the board in a few weeks and the revamp is scheduled for this fiscal year, the newspaper said. The CEO previously worked for Siemens AG (SIE), which went through a similar revamp in 2007.
ThyssenKrupp will build up “strong” regional businesses in the U.S., Turkey, India and Japan, while centralizing management of the steel, plant engineering, elevator systems, shipyards, components and materials units, Handelsblatt said.
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