Thyssenkrupp AG officially dismissed Guido Kerkhoff as CEO and named supervisory board Chairwoman Martina Merz as his replacement for up to 12 months, effective Oct. 1.
The company and Kerkhoff mutually agreed on the termination, according to a Sept. 30 release.
The leadership shuffle, reported by Reuters last week, came after the German conglomerate struggled during his brief tenure that started in July 2018.
Under Kerkhoff's watch, thyssenkrupp issued four profit warnings and saw two failed restructuring efforts. The company is now trying to sell its prized elevators unit, which has drawn interest from several potential bidders.
Replacing Merz as chairman of the supervisory board is Siegfried Russwurm, a former Siemens board member who has been part of thyssenkrupp's board since April. Klaus Keysberg, head of the group's materials services unit, was also appointed a new member of the executive board.
