Thyssenkrupp CEO López Dismisses Critics Over Corporation's Dismantling Strategies
Thyssenkrupp CEO Miguel López dismissed criticism over the company's plans to partially spin off five of its divisions, likening the move to a "split" rather than a "breakup." The CEO insists that this restructuring will not entail a job-cutting program, but instead aims to create five independent growth-focused areas with access to capital.
In an interview with "Frankfurter Allgemeine Zeitung," López stressed that these independent companies will be strengthened as a result of the reorganization. The management's concept for the spin-off will be presented to the supervisory board on September 16; López, however, declined to commit to a specific timeline for the execution of individual spin-offs.
Addressing concerns from employee representatives regarding transparency, López noted that preliminary discussions had already taken place in relevant bodies, ensuring that both the employee and shareholder sides were duly informed about the decisions. The Krupp Foundation, Thyssenkrupp's largest single shareholder, accounts for roughly 21 percent of the company.
During a spin-off, companies traditionally prioritize transparency, employee retention, and operational stability. Thyssenkrupp, in line with this industry approach, emphasizes communication with employees, retention strategies, and ensuring operational integration to minimize the disruption caused to employees. The company also complies with labor laws and regulations to protect employee rights.
The EC countries may express concerns over Thyssenkrupp's employment policy as the company plans to spin off five of its divisions, but the CEO Miguel López explains that this move is not intended to cause job cuts, rather, to create five independent growth-focused areas with easier access to finance. In line with conventional spin-off practices, Thyssenkrupp prioritizes transparency, employee retention, and operational stability to maintain business and employment continuity.