The Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) has called on the Thyssenkrupp CFO who is willing to change jobs to waive his signing bonus.

"Jens Schulte's departure comes at an inopportune time for Thyssenkrupp," DSW Chairman Marc Tüngler told the "Rheinische Post". The stumbling group needs reliable financial management right now. The head of the shareholders' association criticized the fact that the manager wanted to leave for Deutsche Börse after just a few months in office. "The fact that Schulte is also receiving a starting bonus totaling 1.8 million euros in three tranches for his start at thyssenkrupp is indecent." He should pay back the money that has already been paid and waive his claims. "That would be decent," said Tüngler.

A Thyssenkrupp spokesperson told the newspaper that such a sign-on bonus was not unusual in the case of changes to the Executive Board. The Supervisory Board is now negotiating with Schulte about the details of the termination of the mandate requested by the latter.

(Report by Olaf Brenner; Edited by Scot W. Stevenson; If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets)