INTERNATIONAL - Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company’s new Chief Executive Martina Merz told employees on Wednesday.
The German group announced in May it was open to new ownership structures for its car parts, plant engineering, marine systems and elevators units, but investors criticized a lack of progress, leading to the dismissal of Chief Executive Guido Kerkhoff.
This led to the installation of Martina Merz, who addressed her top managers for the first time as Chief Executive this week.
“This is about strengthening businesses and improving performance. This is not a sellout,” Merz said in the letter, which was released to employees following the management meeting.
Thyssenkrupp, which has already announced 6000 positions will go, declined to put a figure on potential job losses, pending negotiations about cuts with labor leaders.