FRANKFURT (Reuters) – A major shareholder in Thyssenkrupp has criticized Chief Executive Heinrich Hiesinger for failing to achieve his own profit targets, raising tensions before the German industry groups annual meeting next Friday.
Swedish investor Cevian reiterated its call to restructure Thyssenkrupp, in which it controls an 18 percent stake, piling pressure on Hiesinger as he tries to complete a merger of its steel business with that of Indias Tata Steel.
Thyssenkrupp is not developing in the way we expected. Something has to change in the structure of the business, Lars Foerberg, co-founder of Cevian, told the Frankfurter Allgemeine Sonntagszeitung.
Separately, the Spiegel news weekly reported that Hiesinger would tell shareholders…
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