Thyssenkrupp Names New CEO for Industrial Solutions, to Split Unit

   By Alberto Delclaux

Thyssenkrupp AG (TKA.XE) said Friday it is appointing a new chief executive to its struggling industrial solutions business, which will be split as part of a reorganization.

The German conglomerate said it will sepearate the marine business from the unit and manage it directly. Industrial solutions will focus on plant engineering, Thyssenkrupp said.

Current Industrial Solutions Chief Operating Officer Marcel Fasswald will become chief executive of the unit, while Oliver Tietze will take over as chief financial officer. Both changes will come into effect on October 1.

"Marcel Fasswald has the clear task of ensuring that Industrial Solutions achieves the much-needed turnaround with his extensive experience and expertise in plant construction," Thysenkrupp CEO Guido Kerkhoff said.

The current CEO of industrial solutions, Peter Feldhaus, and the CFO, Stefan Gesing, will both leave the company on Oct. 1, the company said.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

September 14, 2018 04:01 ET (08:01 GMT)

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