ThyssenKrupp Chairman Cromme Should Resign, Lobby Group Says
ThyssenKrupp AG (TKA) Supervisory Board Chairman Gerhard Cromme should resign amid an investigation into company-funded foreign travel, a lobby group said.
Cromme, who’s also chairman of Siemens AG (SIE), should consider resigning because the post of chairman has been undermined, the Vereinigung der Aufsichtsraete in Deutschland e.V., or VARD, said in a letter addressed to the 69-year-old.
The letter comes amid a reorganization of ThyssenKrupp’s top management. Bertin Eichler, deputy chairman of ThyssenKrupp’s supervisory board, will leave this year as compliance staff at Germany’s largest steelmaker investigate him over five trips that had a partly “touristic character,” Handelsblatt reported last week.
ThyssenKrupp last year ousted three top executives in an effort to repair a boardroom tainted by corruption allegations and an ill-fated expansion in the Americas. The Essen-based company, which is cutting business units to five from eight and building its non-steel base, scrapped its dividend for the first time in December after posting a second straight annual loss.
VARD, whose members include Air Berlin Plc Chairman Hans- Joachim Koerber and former RWE AG Chief Executive Officer Dietmar Kuhnt, seeks to improve the work of board chairmen by setting common rules.
ThyssenKrupp declined to comment on the letter, which is dated Jan. 11 and was obtained by Bloomberg News.
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