The chairman and chief executive of Thyssenkrupp's (TKAG.DE) steel division have decided to step down as a result of a deepening conflict with its parent company over the future direction of the business, the steel division said on Thursday.
The move, along with the resignation of five other members of the management and supervisory board of Thyssenkrupp Steel Europe (TKSE), throws the ailing German conglomerate deeper into crisis.
It also lays bare the fundamental differences between TKSE and Thyssenkrupp over the strategic pathway for the steel business, half of which is to be sold to Czech billionaire Daniel Kretinsky.
"We no longer see any possibility of our standards of professionalism, open discussion and a speak-up culture with respect in our mutual interaction," TKSE Supervisory Board Chairman Sigmar Gabriel told reporters.
"It is no longer possible for us to act responsibly as supervisory board members under these conditions."
Thyssenkrupp had no immediate comment.
TKSE CEO Bernhard Osburg is stepping down with immediate affect, Gabriel said.
