Thyssenkrupp, Tata Steel Announce Leadership Plans For Joint Venture
Tata Steel Ltd. and Thyssenkrupp AG’s European joint venture will be headed by the latter’s steel division chief Andreas Goss, the companies said in a press release.
The joint venture, Thyssenkrupp Tata Steel BV, will also see the induction of three other incumbent employees in leadership roles, it said.
Goss, in addition to being the chief executive officer of the new company, will also chair the management board of the partnership. Tata Steel and Thyssenkrupp signed definitive agreements in June to combine their European steel businesses in a 50-50 joint venture. Hans Fischer, the current chief executive officer of Tata Steel Europe, will be the deputy chief executive officer and chief technology officer of the new entity.
Tata Steel also announced the elevation of Tata Steel’s Group Executive Vice President Sandip Biswas as the designated chief financial officer, and the Thyssenkrupp’s steel business’ Chief Financial Officer Premal Desai as the chief strategy officer of the new partnership which will be headquartered in Amsterdam.
The company also said that apart from the four appointments, it plans to announce the next management level for the joint venture early in the new year.
Until the completion of the joint venture process, the respective companies 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 board will continue in their existing roles within their businesses until the formation of the joint venture post all regulatory approvals, the press release said.
Tata Steel’s joint venture with German steel giant Thyssenkrupp invited a probe by the European Commission with respect to “certain specialty flat carbon steel and electrical steel products” in October. Tata Steel, however, assured that both companies remain committed to constructive engagement with the European Commission as part of the review process and both parties were working together to ensure the success of transaction “as soon as possible.”