Elevator World

Welcome to the Elevator World News Podcast. This week’s news podcast is sponsored by elevatorbooks.com: www.elevatorbooks.com THYSSENKRUPP REPLACING KERKHOFF AS CEO thyssenkrupp AG has moved to replace CEO Guido Kerkhoff as the giant company looks to sell key units — including thyssenkrupp Elevators, its most-profitable — to end its downward spiral, Bloomberg reported on September 24. Kerkhoff, who replaced Heinrich Hiesinger in 2018, has been under pressure from the company's board, which felt he was moving too slowly in organizing the sale of the units. thyssenkrupp sent letters to potential buyers of the elevator unit earlier this year, including other OEMs and several private equity firms. KONE has expressed interest in a full merger, but Kerkhoff signaled that he preferred to sell a minority stake to a private equity firm and, thus, avoid the kind of competition regulations that killed an effort to create a joint venture between thyssenkrupp's steel business and India's Tata Steel Ltd. The source notes