Thyssenkrupp board approves split into two units, names new Chairman

For Thyssenkrupp, once an icon of German industrial might, the restructuring follows months of turmoil

Thyssenkrupp AG’s supervisory board unanimously approved a plan Sunday to split the company into two units, and named Bernhard Pellens as its chairman.

Under the restructuring, Thyssenkrupp Industrials will manage the elevator, automotive supplies and plant construction businesses while Thyssenkrupp Materials will run steel and metal-focused operations. The executive board had proposed the changes on Thursday.
 

Interim Chief Executive Officer Guido Kerkhoff, 50, was named permanent CEO and received a five-year contract. Pellens, 62, was elected to lead the supervisory board.
 

“We can now finally give our employees a clear orientation for the future of the company,” Kerkhoff said in the