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Thyssenkrupp plans to install Daimler CFO as chairman - sources
FRANKFURT, Nov 12 (Reuters) - Thyssenkrupp will
propose Daimler's outgoing Chief Financial Officer
Bodo Uebber as a candidate for its supervisory board, with the
aim of installing him as chairman, two sources familiar with the
matter said on Monday.
Daimler and Thyssenkrupp declined to comment.
Uebber could be proposed as a supervisory board candidate
when the board meets on Nov. 20, a day ahead of the release of
the company's annual results, one of the sources said.
The board could then elect him as chairman, though his
appointment would have to be endorsed by shareholders, probably
at Thyssenkrupp's next annual general meeting on Feb. 1 next
It was unclear when Uebber would be expected to take over as
chairman. Current chair Bernhard Pellens, a board member since
2005, took over the role at the end of September but can only
stay on until 2020 under German corporate governance rules.
Uebber has a lot of restructuring experience, having been a
core part of Daimler's management team that nursed Mercedes-Benz
back to health following a messy divorce from Chrysler.
In 1998, Daimler-Benz bought Chrysler Corp for US$36 billion
in a deal promising at least a billion in synergies within the
first year, hyping the combination as the birth of "a child with
extraordinary genes and extraordinary potential".
The level of synergies between volume carmakers and premium
brands proved less successful than the companies had hoped.
In 2007, Daimler sold an 80 per cent stake in Chrysler to
private equity for 5.5 billion euros, arguing that unwinding the
merger was the best way to create "the greatest overall value –
both for Daimler and Chrysler."
More recently Uebber has been the architect of a new
corporate structure for Daimler which allows the carmaker
greater flexibility to list individual divisions, like Daimler
Thyssenkrupp is in the process of overseeing a corporate
breakup which sees a listing of one of its main divisions as a
Daimler said in October that Uebber would leave the carmaker
after it appointed Ola Kaellenius as chief executive, a position
for which Uebber had been a contender.
German daily Handelsblatt was first to report that Uebber is
a candidate for Thyssenkrupp chairman, citing industry sources.