Thyssenkrupp proposes former Bayer finance chief as CFO

Thyssenkrupp proposes former Bayer finance chief as CFO

FRANKFURT: Thyssenkrupp said on Friday it would propose former Bayer finance chief Johannes Dietsch as its chief financial officer, continuing to fill numerous vacant jobs that have been left unfilled following months of crisis.

The German group is undergoing one of its largest ever restructuring processes via a planned spin-off of its capital goods businesses, capping a tumultuous summer that led the group's CEO and chairman to resign.

Dietsch was CFO at Bayer from October 2014 to May 2018, where he arranged funding for the US$63 billion all-cash takeover of U.S. seeds maker Monsanto, including bond issues and a capital increase.

He also oversaw the separate listing and gradual sale of Bayer's chemicals and plastics division Covestro , now worth 8 billion euros (US$9.1 billion).

"He brings exactly the skills and experience needed to manage the separation process at Thyssenkrupp together with the current members of the Board," Thyssenkrupp Supervisory Board Chairman Bernhard Pellens said in a statement.

Dietsch, 56, will start his new job in February 2019, pending approval from the supervisory board.

He brings the number of management board members back to four. Guido Kerkhoff, who was appointed Thyssenkrupp's permanent CEO in September, previously held the position of finance chief.

(Reporting by Christoph Steitz and Ludwig Burger; Editing by Thomas Seythal and Mark Potter)

Source: Reuters

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