Thyssenkrupp CEO offers to resign after activist shareholder pressure

Thyssenkrupp's board will meet on Friday to discuss Hiesinger's request to step down

Thyssenkrupp AG Chief Executive Officer Heinrich Hiesinger resigned days after the company inked a deal for a European steel joint venture that faced fierce investor opposition.

“Today I informed the Supervisory Board that I would like to step down from my position,” Hiesinger said in a statement on Thursday.

Hiesinger’s leadership at Thyssenkrupp had been marked by criticism for the company’s declining revenue, rising costs and a declining stock price. The company had also drawn shareholder criticism for its complicated structure, which runs from submarines to elevators and food packaging. Thyssenkrupp shares have lost about 30 per cent since Hiesinger