COMPANY PRODUCT INQUIRY INFORMATION COMMUNITY NEWS Welcome to Wanjoo Metals       HOME > CUSTOMER CENTER > NEWS TITLE  Major strategic reorganization of ThyssenKrupp WRITER   administrator DATE   2009-03-21 10:18:24 Major strategic reorganization of ThyssenKrupp Friday, 20 Mar 2009 German industrial conglomerate ThyssenKrupp announced reorganization of the segments into two divisions and reducing executive board by three members to tackle intensified economic downturn significantly impacting the Group It said that “The economic situation in almost all countries and industries has deteriorated in recent weeks with even greater speed and severity than expected. The global economy finds itself in a deep recession. ThyssenKrupp is adapting to the changed economic environment and positioning itself more strongly as an integrated materials and technology Group. To this end the Group is to be reorganized into two divisions. The aim is to sharpen the focus of business activity and create a leaner, more efficient structure, including in the administrative areas. This is expected to yield additional sustainable cost savings of up to EUR 500 million per year.” In an extraordinary meeting on March 27, 2009, the Supervisory Board of ThyssenKrupp AG will be requested to approve the following items ThyssenKrupp will reorganize the five segments Steel, Stainless, Technologies, Elevator and Services into two divisions. 1. The Steel, Stainless and Services segments will be combined in a new Materials division 2. The Technologies and Elevator segments will be joined to form a new Technologies division. From April 1st 2009 the Steel segment headed to date by Dr. Karl-Ulrich Köhler (52) and the Stainless segment headed by Jürgen H. Fechter (46) will both be managed by Edwin Eichler (50), Executive Board Chairman of ThyssenKrupp Services. Also as of April 1, 2009, the Elevator segment headed to date by Edwin Eichler will be managed by Dr. Olaf Berlien (46), who will also remain Executive Board Chairman of ThyssenKrupp Technologies. The new Group structure is to be implemented as of the beginning of the new fiscal year on October 1st 2009. The planned adjustments at all levels of the administrative departments will also be reflected in the Executive Board of ThyssenKrupp AG. Jürgen H. Fechter and Dr. Karl-Ulrich Köhler, both members of the Executive Board of ThyssenKrupp AG, are to stand down from the Executive Board by mutual agreement at March 31, 2009. They will continue to be available to the Group in an advisory capacity. No reappointment will be made for the position held by Dr. Wolfram Mörsdorf (60), whose term of office is due to end on April 14, 2009. In accordance with the resolution of the Supervisory Board and as already reported at the Annual General Meeting on January 23, Dr. Ulrich Middelmann (64), Vice Chairman of the Executive Board of ThyssenKrupp AG, will stand down from the Executive Board of ThyssenKrupp AG at the close of the Annual General Meeting on January 21, 2010. Dr. Alan Hippe (42) - Chief Financial Officer of ThyssenKrupp AG effective April 1, 2009 - will take over as of this date responsibility for Controlling, Accounting and Financial Reporting, Taxes and Customs, Mergers & Acquisitions, Materials Management as well as Corporate Finance and Investor Relations. From April 1, 2009 until his retirement, Dr. Ulrich Middelmann will concentrate on the implementation of the new Group structure and on the corporate program ThyssenKrupp PLUS. He will also be in charge of Compliance. Dr Ekkehard Schulz hyssenKrupp’s Executive Board Chairman said that “With this structural and personnel reorganization, ThyssenKrupp will be able to respond more quickly to the market and implement strategic measures more efficiently. This means we are in the best position to emerge stronger from this difficult economic situation.” [ L I S T ] WanJoo Metals All rights reserved. TEL : +82-2-585-2581, 2571,   FAX : +82-2-585-2587, 8799 FL.2 DaedeokPlaza Bldg, 206, Geumgok-Dong, Bundang-Gu, Seongnam-Si, Gyeonggi-Do 463-480, Korea