In a significant move at thyssenkrupp AG, Dr. Jens Schulte, the company’s Chief Financial Officer, has requested the termination of his appointment by mutual consent. Schulte, who joined thyssenkrupp in June 2024, has expressed his desire to take up a new role as CFO at Deutsche Börse AG, a leading group listed on Germany’s DAX stock index. The request has been presented to the Supervisory Board, which is expected to discuss the matter and determine a date for the official conclusion of his term. Until then, Schulte will continue in his current role and, from February 1, 2025, will temporarily take on the additional responsibilities as Chief Human Resources Officer at thyssenkrupp AG.
Schulte’s appointment as CFO was part of a broader leadership transition at thyssenkrupp AG, and his tenure has been marked by his active contribution to the company’s performance in a challenging market environment. He had previously served as CFO at Schott AG before joining the German industrial giant. Schulte’s appointment to thyssenkrupp’s Executive Board in November 2023 was seen as a strategic move to bolster the company’s financial leadership. Since taking office in June 2024, he has played a crucial role in driving the success of the APEX performance enhancement program, a key initiative aimed at improving operational efficiency and financial performance at thyssenkrupp.
Siegfried Russwurm, Chairman of the Supervisory Board of thyssenkrupp AG, expressed his respect for Schulte’s decision, noting the significant contributions he had made in his short time with the company. "Since joining the company as CFO, Dr. Jens Schulte has contributed with great commitment and emphatic support, including in particular for the success of the APEX performance enhancement program, to thyssenkrupp’s good performance in a difficult market environment," Russwurm said. While the company acknowledges Schulte’s desire to join a DAX-40 company, it is regretful to see him leave so soon after his appointment.
Schulte’s departure is a part of a broader trend in the German corporate landscape, where executive talent often moves between large industrial and financial institutions. The opportunity to join Deutsche Börse AG, one of Europe’s leading stock exchanges, presents Schulte with a significant career advancement, offering him a prominent role in a major financial institution. Deutsche Börse AG’s status in the DAX-40 group of companies further underscores the prestige of the position and the potential for future career growth in the financial sector.
thyssenkrupp, a global leader in industrial technology, engineering, and steel production, will now need to adjust to this leadership change as it continues its efforts to improve its business operations, streamline processes, and drive growth in a highly competitive market. The company is in the midst of a transformation program aimed at improving its financial health and operational efficiency, with Schulte’s leadership being a key part of that strategy.
As part of the transition plan, the Supervisory Board has ensured that Schulte will continue to serve in his capacity as CFO until a final date is agreed upon. Additionally, his temporary appointment as CHRO will help ensure continuity in the company’s leadership during this period of change. It remains to be seen how the company will proceed with finding a permanent replacement for Schulte’s position and whether any internal promotions or external hires will be considered.
In the meantime, thyssenkrupp will continue to focus on executing its strategic initiatives, particularly the APEX program, which aims to improve efficiency and productivity across its divisions. The company is also facing the broader challenges of the global industrial sector, including supply chain disruptions, fluctuating demand, and ongoing pressures to adapt to environmental sustainability requirements.
The leadership transition at thyssenkrupp AG is expected to have significant implications for the company’s future strategy and operations. Schulte’s departure marks the end of a brief but impactful chapter for the company, but it also opens up new opportunities for growth and transformation under fresh leadership. The next steps for thyssenkrupp will depend heavily on how effectively the company manages the transition and whether it can continue to execute its ambitious performance goals in the face of global market challenges.
