India’s Tata Steel and Germany’s Thyssenkrupp have on Monday (17) decided on the members of the future management board for the planned European steel joint venture between the two companies.
Accordingly, Andreas Goss, currently chief executive officer (CEO) of Thyssenkrupp’s steel division, will be the future CEO of the planned joint venture and chair the management board of Thyssenkrupp Tata Steel BV.
Hans Fischer, currently the CEO of Tata Steel Europe, will be the deputy CEO, chief technology officer (CTO) of the joint venture. Sandip Biswas, currently the group executive vice president finance of Tata Steel Limited is the designated chief financial officer (CFO) while Premal Desai currently the CFO of Thyssenkrupp Steel Europe will be the chief strategy officer (CSO) of the joint venture, the bothe companies said in a release.
Apart from the above appointments, it is planned to announce the next management level for the joint venture early in the new year. The management board and the future top leadership team will be responsible for the planning and execution of the post merger integration and the long term business strategy after the planned Joint venture has received the necessary regulatory approvals and after closing.
Tata Steel and Thyssenkrupp AG signed definitive agreements in June 2018 to combine their European steel businesses in a 50-50 joint venture. The proposed new company, to be named Thyssenkrupp Tata Steel BV, headquartered in the Amsterdam area will be positioned as a leading pan-European high-quality flat steel producer.
Until the completion of the joint venture process, Thyssenkrupp Steel Europe and Tata Steel in Europe will continue to operate as separate companies and as competitors and the incumbent organisation of the respective companies will continue to operate as currently. The members of the designated management board will continue in their existing roles within their businesses until the formation of the joint venture post all regulatory approvals.
Guido Kerkhoff, CEO of Thyssenkrupp commenting on the latest development said, “the future Management Board is the right choice to build a strong number two in the European flat steel market. I am fully convinced that this Board will successfully lead the integration of the Joint Venture given their extensive technical and operational expertise as well as their broad intercultural experiences. They will optimally set up the joint venture to address future challenges of the industry and meet the needs of the customers.“