July 28, 2018 / 10:13 AM / 4 months ago

Krupp foundation rejects break-up of Thyssenkrupp: Der Spiegel

Ursula Gather poses for a picture before the annual shareholders meeting of ThyssenKrupp in Bochum, Germany, January 19, 2018. REUTERS/Thilo Schmuelgen

FRANKFURT (Reuters) - Ursula Gather, head of the Thyssenkrupp foundation, ruled out a break-up of the German steel-to-submarines conglomerate and rejected allegations she is responsible for a leadership crisis, Der Spiegel newsmagazine reported.

Thyssenkrupp’s chief executive and chairman quit this month citing a lack of support from “major shareholders” at a time when activist investors Cevian, which holds an 18 percent stake, and Elliott, are pushing for a deeper restructuring.

Gather finds such allegations “unjustified and painful,” Der Spiegel said, quoting Gather.

“A break-up of the company will not happen under my watch,” Gather said, adding that securing jobs and an adherence to the principles of the social market economy, which emphasize stability and continuity over profit, take precedence.

Gather plans to raise profits by accelerating steps to strengthen some business areas, and advocates slimming down administrative costs, Der Spiegel said.

Gather and Cevian aim to find a consensus over the choice of candidates for a new supervisory board chairman, Der Spiegel said.

The Alfried Krupp von Bohlen and Halbach foundation could not be reached for comment.

Reporting by Edward Taylor; Editing by Mark Heinrich

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