ThyssenKrupp Appoints Management Team for Stainless Global
07/20/2011 - ThyssenKrupp AG has taken two major steps toward the separation of its Stainless Global business area: the new management structure was determined and the new Stainless Global management team was selected.
ThyssenKrupp AG has taken two major steps toward the separation of its Stainless Global business area: the new management structure was determined and the new Stainless Global management team was selected.
The new Stainless Global will have a holding company structure with a functional management board performing strategic tasks and managing the operating business units. The process of establishing a separate transaction object is reportedly on schedule.
Effective August 1, the Stainless Global management team will be made up of the following persons:
- Clemens Iller (50) will remain chairman of the management board of Stainless Global. In his current function as CEO he has been responsible for this office since October 2009.
- Reinhard Florey (45), currently management board member of the ThyssenKrupp Steel Americas business area, will become CFO.
- Karsten Lork (48), CEO of ThyssenKrupp Stainless International, will be responsible for global sales.
- Dr. Ulrich Albrecht-Früh (47) will be responsible for technology on the future management board of Stainless Global. As CEO of ThyssenKrupp Stainless USA, he oversaw the construction of the new stainless steel mill in Alabama.
A decision on the member of the board human resources is expected to be made on August 19.
ThyssenKrupp AG also has mandated the banks. Citigroup, Deutsche Bank, and Rothschild will support the Group with the separation of the stainless steel activities.
As a separate entity, Stainless Global is expected to strengthen its competitive position with greater flexibility, and through potential strategic partnerships. The Group says that all options for continuing the business outside the Group are being examined, including a spin-off, an IPO, or an outright sale.
