Tata Steel, ThyssenKrupp unveil executive board for 50-50 JV
Tata Steel and ThyssenKrupp on Monday unveiled the members of the management board for their planned 50-50 European steel joint venture (JV) announced earlier this year.
Andreas Goss, currently Chief Executive Officer (CEO) of ThyssenKrupp's steel division, will be the future CEO of the proposed JV and chair the management board of ThyssenKrupp Tata Steel BV, the Indian steel major and German company announced.
"This marks an important step forward in our preparations towards establishing the planned joint venture," said T V Narendran, CEO and Managing Director, Tata Steel.
"I firmly believe that the designated management board has a strong combination of industry and leadership experience needed to ensure a successful and sustainable future for the proposed ThyssenKrupp Tata Steel joint venture," he said.
The rest of the JV top team includes Hans Fischer, currently the CEO of Tata Steel Europe, who will be the Deputy CEO and Chief Technology Officer of the JV. Sandip Biswas, currently the Group Executive Vice President (Finance) of Tata Steel Ltd, is the designated Chief Financial Officer, and Premal Desai, currently the Chief Financial Officer of ThyssenKrupp Steel Europe, will be the Chief Strategy Officer of the JV.
"The future management board is the right choice to build a strong number two European flat steel supplier," said Guido Kerkhoff, CEO of ThyssenKrupp.
"I am fully convinced that this board will successfully lead the integration of the joint venture, given their extensive technical and operational expertise as well as their broad intercultural experiences. They will optimally set up the joint venture to address future challenges of the industry and meet the needs of the customers," he said.
Tata Steel and ThyssenKrupp AG signed definitive agreements in June this year to combine their European steel businesses in a 50-50 JV. The proposed new company, to be named ThyssenKrupp Tata Steel BV, headquartered in Amsterdam area, will be positioned as a leading pan-European high-quality flat steel producer with a strong focus on performance, quality and technology leadership, the companies said.
The management board and the future top leadership team will be responsible for the planning and execution of the post-merger integration and the long-term business strategy once the planned JV has received the necessary regulatory approvals and after closing. The next management level for the JV is set to be unveiled early in the New Year.
Until the completion of the JV process, ThyssenKrupp Steel Europe and Tata Steel in Europe 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 management board will continue in their existing roles within their businesses until the formation of the JV, post all regulatory approvals, the companies said in their statement this week.
The JV is subject to merger control clearance in several jurisdictions, including in the European Union (EU).
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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