Thyssenkrupp deputy chairman to oppose new CEO contract over ‘fundamental mistrust’

Thyssenkrupp’s deputy chairman and labour leader Juergen Kerner will vote against extending the contract of CEO Miguel Lopez at a board meeting on Friday, he told Reuters, saying he had not delivered a promised turnaround of the steel division. Thyssenkrupp shares extended losses after the comments and were down 5% on Wednesday.

Why it matters

The comments mark the latest boardroom drama at one of Germany’s most renowned companies, pitting combative labour leaders against management in ongoing efforts to restructure and sell the company’s steel division after years of unsuccessful attempts to do so.