Breakup Without Direction – Thyssen-Krupp Staggers Through Restructuring Under CEO Miguel López
Thyssen-Krupp plans the corporate restructuring, but internal doubts, financing problems, and leadership conflicts are slowing progress.
The contract of CEO Miguel López runs until spring 2026, but the scheduled extension in May did not take place. Instead, it was postponed to September — according to corporate circles, due to disagreements over strategy and leadership style. An unusual process, which is interpreted internally and externally as a signal of uncertainty.
At the center of the debate is López's plan to radically restructure the traditional Ruhr corporation: independent units instead of a corporate structure, third-party participation instead of central management. Internally, there is talk of a restructuring "without a recognizable foundation." Although the board publicly demonstrates unity, behind the scenes there is growing concern that the corporation will once again lose itself in an overly ambitious reform course.
The Marine division TKMS – stabilized by billion-dollar orders, most recently from Singapore – is to become independent this year. The defense subsidiary represents orders worth around 18 billion euros. Yet, even here, financing and structural issues remain unresolved. A complete spin-off does not actually occur as long as TKMS continues to be fully consolidated.
In parallel, the planned partial sale of the steel division to Daniel Kretínsky is stalling.
Internal criticism is also growing. The structural program "Apex" is causing frustration because efficiency gains are lacking and cost-cutting measures are not being implemented consistently. At the same time, the management team is inviting several hundred managers to a conference in Madrid – during a phase in which job cuts are being discussed.
The planned reduction of the corporate headquarters in Essen from 500 to 100 employees and cuts in administration are exemplary of the desired decentralization. However, IG Metall warns against a dismantling at the expense of employees. "The corporation must not be filleted," declared Jürgen Kerner, vice-chairman of the union and member of the supervisory board.
By September, López must deliver results – especially regarding the independence of TKMS. Without tangible progress, the extension of his contract risks becoming a symbol of a strategic void.
