Thyssenkrupp shares rise by 3.9% after CEO offers resignation

Shares in rose on Friday after Chief Executive unexpectedly offered to step down, less than a week after sealing a landmark joint venture deal with India's

The stock was up 3.9 percent in early Frankfurt trade at 0624 GMT.

In the job since 2011, Hiesinger, 58, was bowing to growing investor pressure for a more radical restructuring of the group.

"This decision was not easy for me, quite the contrary," Hiesinger said in a memo to staff seen by Reuters.

"I am deliberately taking this step to allow for a fundamental discussion about the future development of Thyssenkrupp," he added.

Thyssenkrupp's supervisory board is due to meet later on Friday to take a decision on Hiesinger's request.

Activist shareholders Cevian and Elliott, the latter of whom disclosed a stake in the company in May, have both criticised Thyssenkrupp's performance under Hiesinger, with shares down 28 percent since he took office in January 2011.

Shareholder criticism also mounted following a joint venture deal with agreed over the weekend, with some saying the terms were not favourable enough and that Hiesinger could have sought a better deal.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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