(Reuters) -Martina Merz is seeking to step down from her position as Thyssenkrupp's chief executive, the German industrial group said on Monday, without giving a reason for the move.
The group's supervisory board decided to recommend Norma Group CEO Miguel Angel Lopez Borrego to succeed Merz, the company added.
Shareholder pressure on Merz had been mounting in recent months over a turnaround of the sprawling conglomerate that was seen as too slow and not far-reaching enough.
Shares in Thyssenkrupp were down 6.71% after the announcement.
(Reporting by Tristan Veyet in Gdansk and Christoph Steitz, Editing by Friederike Heine)
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| 4.782 EUR | +1.04% | +5.84% | 3.15B | ||
| 18.53 EUR | +0.60% | +0.98% | 627M | ||
Martina Merz is a German businessperson who has been at the head of 9 different companies and occupies the position of Chief Executive Officer of ThyssenKrupp AG and Chairman at Thyssenkrupp (China) Ltd. and Chairman at thyssenkrupp Elevator Europe Africa GmbH (both are subsidiaries of ThyssenKrupp AG) and Chairman-Supervisory Board at SAF-HOLLAND GmbH. She is also on the board of Volvo AB and SAF-HOLLAND SE (former Independent Director). In the past Martina Merz held the position of Chairman-Supervisory Board of TK Elevator GmbH, Executive Vice President-Sales & Marketing at Robert Bosch Schliesssysteme GmbH, Member-Management Board at Brose Fahrzeugteile GmbH & Co. KG, Chief Executive Officer & Director at Chassis Brakes International BV, Chief Executive Officer of Bosch Foundation Brakes, Vice President-Chassis System Sales & Marketing at Robert Bosch GmbH and Executive Vice President-Sales & Marketing at Robert Bosch LLC. She received an undergraduate degree from Duale Hochschule Baden-Württemberg Villingen-Schwenningen and an undergraduate degree from Universität Stuttgart.
View full profile| Linked companies | |
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Thyssenkrupp (China) Ltd.
 Thyssenkrupp (China) Ltd. Financial ConglomeratesFinance Part of thyssenkrupp AG, Thyssenkrupp (China) Ltd. is an investment holding Chinese company. The private company is based in Beijing, China. | Chairman |
thyssenkrupp Elevator Europe Africa GmbH
 thyssenkrupp Elevator Europe Africa GmbH HomebuildingConsumer Durables Part of thyssenkrupp AG, thyssenkrupp Elevator Europe Africa GmbH is a German company that provides construction installation services. The private company is based in Essen, Germany. | Chairman |
