 "Tata Steel Europe says Henrik Adam to replace Hans Fischer as CEO")
Hans Fischer, the CEO of Tata Steel Europe (TSE), will retire from effective July 1, 2019, said Tata Steel on Thursday.
Henrik Adam, chief commercial officer of Tata Steel Europe, will succeed Fischer as CEO. He will join the board of Tata Steel Europe and report to T V Narendran, managing director and CEO of Tata Steel.
Adam joined Tata Steel Europe in 2011 as chief commercial officer, helping it to transform into a customer-centric organisation, the company said. Before joining Tata Steel, he held a wide range of roles at Thyssenkrupp, including CEO of ThyssenKrupp Electrical Steel.
Tata Steel told stock exchanges Fischer will continue to be on the board of TSE as a non-executive director and he will advise Narendran till September 30, 2019 to ensure a smooth transition of leadership.
Narendran said in a statement Adam will continue the transformation of the business so it becomes stronger and self-sustaining. "Faced with challenging external conditions, our European business will continue to focus on higher-value, higher-specified steel products which make our customers more competitive and successful.”
The leadership changes come after Tata Steel's plans of a joint venture with Thyssenkrupp collapsed.
In 2018-19, revenues from Tata Steel Europe stood at Rs 64,777 crore while the EBITDA was at Rs 5,414 crore, an increase of 46 per cent over the previous year. But the European operations reported a loss before tax.
In a further change, the board of Tata Steel Europe also announced that N K Misra, executive director finance Tata Steel Europe, will retire from his position on December 31, 2019, though he will continue as an adviser to the company’s executive committee.
The board has appointed Sandip Biswas, group executive vice president finance Tata Steel, to the board of Tata Steel Europe. He has also been appointed executive director Tata Steel Europe with effect from July 1, 2019. He will take over as the CFO of Tata Steel Europe from January 1, 2020.
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