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Thyssenkrupp's top shareholder appoints ex-Volkswagen chief Pischetsrieder

Reuters  |  FRANKFURT 

(Reuters) - Thyssenkrupp's top shareholder, The Alfried von and Foundation, has appointed former car as a member of its board of trustees, it said on Wednesday.

By appointing Pischetsrieder, who has served as of both and Volkswagen, the foundation seeks to address long-standing concerns over its board's composition and whether it is fully qualified to fulfil it role as the largest investor of one of Germany's biggest industrial groups.

The foundation's board is currently mainly made up of academics and politicians.

The foundation owns a 21 percent stake in and holds two seats on the conglomerate's 20-person board.

"The committee is appointing a seasoned with comprehensive industrial competence," the foundation said in a statement. "The board thereby complements its strong economic expertise."

is undergoing one of its largest-ever restructurings, aiming to spin off its capital goods businesses - elevators, and plant engineering - into a separate entity.

Pischetsrieder, 70, currently chairs the supervisory board of Munich Re, where Ursula Gather, the foundation's chief, also holds a seat.

Pischetsrieder was of in 1993-1999 and of from 2002-2006 before he lost the support of influential labour leaders who stifled his reform efforts.

He also sits on the supervisory board of carmaker His appointment at the foundation will expand its board of trustees to 12 members.

(Reporting by Christoph Steitz; editing by and Susan Fenton)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 18:51 IST