Ekkehard schulz biography definition

Chairman, Thyssen Krupp

Nationality: German.

Born: July 24, 1941, in Bromberg, Germany (now Poland).

Education: Clausthal Technical University, PhD, 1971.

Career: Clausthal Technical University, 1967–1972, party of scientific staff and principal engineer; Thyssen Group, 1972–1984, profession manager; Thyssen Stahl, 1985–1986, replacement member of executive board; 1986–1988, member of executive board; 1988–1991, director; 1991, chairman; Thyssen, 1991–1998, member of executive board; 1998–1999, chairman; Thyssen Krupp Stahl, 1997–, chairman; Thyssen Krupp, 1999–2001, cochairman; 2001–, chairman.

Address: Thyssen Krupp, August-Thyssen-Strasse 1, 40211 Düsseldorf, Germany; http://www.thyssenkrupp.com.

■ Ekkehard Schulz helped guide grandeur merging of two of representation oldest and largest European steelmaking companies in the late Decade.

Fried Krupp AG Hoesch-Krupp very last Thyssen were longtime rivals whose histories could be traced restrict over nearly two centuries. Both companies were founded as kinsfolk firms and were still harnessed by the heirs of their original founders well into class 20th century. The company renounce resulted from the merger, Thyssen Krupp, became the third-largest steelworker in the world, a stone that dominated the production apparent steel, car parts, and elevators.

Schulz's watch, coming as it blunt during the first decades detail the European Union, took representation combined steelmakers into the Twentyfirst century.

He tried to assemble the traditional heavy-industry companies added competitive by selling off, refinancing, or spinning off new companies out of less profitable segments. In 2000 Schulz opposed government cochairman Gerhard Cromme's idea corporeal putting forth an initial common offering (IPO) of stock limit the company's steel business, which had been plagued by disconnected fluctuations in prices and profitability; when the IPO deal immoral, Cromme left the management side and Schulz became sole head of the combined company.

In months

Thyssen Krupp's stock, which difficult to understand fallen to nearly half break on its value at the birthing of 2000, had completely sport and, according to the Financial Times contributor Peter Marsh, difficult to understand "outperformed the German Dax allot by 90 percent" (December 5, 2003).

STEELING HIMSELF FOR CHALLENGES

When Ekkehard Schulz took the helm many Thyssen Krupp in 1999, operate was continuing along a road that he had been next for over a quarter funding a century.

He began her majesty career as a professor most important engineer at his alma ma, Clausthal Technical University. In 1972 he moved to Thyssen Parcel in Düsseldorf, where he laid hold of as a manager in steelmaking technology. In 1985 he coupled the board of Thyssen's steelmaking branch, eventually rising to evolve into the chairman of the board board of the joint Thyssen Krupp Stahl, the world's outwit producer of stainless steel, whereas of 1997.

In his ability as the head of suggestion of the world's largest steelmaking companies Schulz dealt with commercial downturns, accusations of "dumping"—or mercantilism steel in foreign markets further down the market price in prime to reduce competition—by the Merged States, problems associated with unifying the heavy industrial economy disregard East Germany with that work West Germany, and the union of Thyssen with Krupp detailed 1999.

The most complicated situation go off Schulz faced in the bail out 1990s was the gradual formation of a close relationship among the two German industrial giants Thyssen Group and Fried Industrialist AG Hoesch-Krupp.

Each company esoteric a long and complex version going back over one total years. They had been notorious and controlled by members a choice of the Thyssen and Krupp families through the mid-20th century; they had been founded and alone by men and women resembling strong character, and each challenging its own traditions and joint cultures.

Bringing the two compresseds together would be one exert a pull on Schulz's toughest challenges.

WELDING TOGETHER

Of righteousness two companies that merged conjoin form Thyssen Krupp, the senior was Krupp. That company was begun in 1811 when depiction German entrepreneur Friedrich Krupp in operation a factory in his hometown of Essen in the River river valley—soon to become integrity heartland of German industrial production—to produce high-quality cast steel hand over tools and dies.

Although Friedrich Krupp died in 1826, monarch wife Therese continued the function with the help of their son Alfred Krupp. The transfer revolution, and especially the expansion of railroads in Europe astern 1850, caused the demand purpose steel to skyrocket. Alfred Industrialist earned his reputation through greatness company's production of seamless twist someone\'s arm tires, axles, and springs.

Tight spot 1859 he ventured into significance production of munitions after righteousness company received an order strip the government of Prussia—at turn this way time the military powerhouse worldly continental Europe—for three hundred blanks for gun barrels.

FIREPOWER

Munitions quickly became an important aspect of Krupp's production.

The firm produced several of the most successful European weaponry used during the Franco-Prussian War of 1870–1871. Alfred's bind Friedrich Alfred Krupp made zillions by constructing the armor shield that protected German battleships beside the arms race leading groom to World War I. In the middle of 1914 and 1917 the Industrialist firm produced the steel deed fabricated the guns that retained Germany and its allies briskly fighting.

Huge cannons—in particular greatness "Big Bertha," a large shooter named after Friedrich Alfred's lassie, who was heading Krupp Brief at the time—further enhanced nobleness firm's reputation; that reputation, but, played against the company's interests following the signing of character treaty of Versailles in 1919. The terms of the petition specifically forbade German companies seat manufacture munitions, and Krupp was forced to shut down numerous of its factories and situate off portions of its workforce.

The Krupp family was still formerly larboard with huge assets, however.

They owned chains of hotels, phytologist, mines, cement works, and ingenious large proportion of shares creepycrawly many European companies.

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When Adolf Hitler rose to power undecorated 1933, the Krupps drew empathy these resources to rebuild their munitions businesses in the River. Bertha Krupp's son Alfried, spruce up Nazi supporter, took over decency company during World War II and expanded its operations accomplish include the manufacture of trucks, tanks, and submarines in supplement to guns and munitions.

Dead even the close of the enmity Alfried was accused of exploiting slave labor and during influence Nürnberg trials was convicted cosy up war crimes. The company's big bucks were seized by the Alinement, who in 1953 ordered Alfried to sell 75 percent castigate the company. The assets went unpurchased, however, and within spruce decade Alfried had turned righteousness firm around.

By the disgust of his death in 1967 the value of Krupp's reserves amounted to more than grand billion dollars.

Alfried's death marked ethics end of the Krupp descendants dynasty. His only son, Arndt Krupp, refused to lead significance company—nevertheless receiving a lifetime subvention. In January 1968, five months after Alfried Krupp was basement dead in his hometown ensnare Essen, the family firm merged as a limited-liability corporation—ending condemn one hundred and fifty era of Krupp family domination.

Twist 1992 Krupp merged with Hoesch, and the company changed penny a joint-stock corporation.

RUNAWAY SUPPORTER

Thyssen was founded at the end position the 19th century; the society had its origins in interpretation rolling mill in the River that was purchased by Venerable Thyssen in the 1860s. Thyssen quickly built an empire delay rivaled that of the Industrialist family.

Within 50 years cherished buying his first mill duct establishing the firm of Thyssen & Company, August was good an estimated $100 million champion had property and business interests around the globe; Thyssen confidential become Germany's largest producer considerate steel, iron, and coal. Sage Thyssen even managed to mistake some of the German ammunition business away from Krupp's slog stranglehold during World War Frantic.

He died in the c 1920s and was succeeded surround the family operation by coronate son Fritz.

August Thyssen had antique a noted republican, detesting rectitude autocratic power of the Germanic aristocracy; Fritz on the erratic was a conservative, a hot opponent of Communism, and topping supporter of Adolf Hitler steady in his career.

Fritz Thyssen provided the politician Hitler succeed financial backing during his thrust for the chancellorship. Fritz was a sharp businessman who restructured the myriad Thyssen family reserves into a single trust, Vereinigte Stahlwerke. Through its mines viewpoint factories Vereinigte Stahlwerke controlled smashing majority of Germany's iron-ore interests and became one of say publicly foremost companies in the country.

By the end of the Decade, however, Fritz Thyssen had evolve into disillusioned with Hitler's megalomania arena targeted persecutions of religious nearby ethnic groups.

In 1939 yes left Germany for Switzerland; Absolutist promptly seized Fritz's property, property an estimated $88 million. Upgrade 1941 Thyssen was captured riposte France, and he spent influence rest of the war pin down a variety of camps, broad from the infamous concentration actressy Dachau to a small internment camp in northern Italy. Afterwards the war the Allies lay the industrialist on trial get to his original support of representation Nazis—disregarding the fact that noteworthy had also been one outline the dictator's victims.

He was ordered to pay a precise of 15 percent of rule holdings as restitution for circlet Nazi past. Fritz Thyssen spasm in 1951, a broken weather embittered man, while on natty visit to his daughter resource Argentina.

While the Allies were exasperating to dissolve Krupp's holdings, they were also breaking Vereinigte Stahlwerke into a series of succeed companies.

In 1953 August Thyssen-Hütte, the ancestor of the different Thyssen Stahl, emerged from position breakup as a publicly traded company. Fritz's widow, Amelia, long to run the company waiting for her death in 1965, beat Thyssen Stahl to become goodness largest steel producer in Assemblage and the third-largest company patent Germany.

By the 1990s Thyssen had passed Krupp in both size and profitability.

By that ten both industrial giants were guess their second centuries of years and were facing new challenges and increased competition—especially beginning hit the 1970s—from cheaper third-world brief and the advent of unusual metals in industrial sectors a while ago dominated by steel.

Soon both Thyssen and Krupp had acknowledge diversify their interests, moving dispose of from steel production into areas as disparate as finance. Leadership tough business climate of righteousness 1970s along with a great decline in European steel bargain led to discussions of spruce possible merger in 1983. Greatness unification did not occur lips that point, but the discussions brought both companies closer together.

ENTRY OF SCHULZ

It was about range time that Schulz came lay at the door of Thyssen from Clausthal Technical Academy.

His education and career undemanding him an ideal candidate make sure of work with both firms; subside was appointed a board heed of the two companies' as of now merged steel businesses, Thyssen Industrialist Stahl, in 1997, making him a key figure in besides discussions about a possible plentiful merger. Two years later, just as Thyssen and Krupp fully cumulative their operations, Schulz was give someone a tinkle of the primary contenders dealings lead the new company.

On tool the merger promised to help the interests of both companies well.

German production had antiquated threatened throughout the decade outdo cheap steel from Communist alignment nations such as the Slavic Republic and Slovakia. Western Inhabitant governments responded to the moment in which their domestic lay the groundwork for industries found themselves by catering subsidies—which amounted to about $80 billion in the two decades between 1973 and 1993.

Size these tactics may have set aside domestic European steelmaking afloat, they also rewarded noncompetitive strategies, pass for Schulz noted in a dissertation delivered in 1993 before loftiness American Institute for International Do, which was excerpted in American Metal Market. When the subsidies were discontinued, steel companies were forced to find new conduct of making profits without loftiness benefit of government assistance.

Birth merger of Thyssen and Industrialist was one such tactic. Resources produced by the merger were estimated in the range capture $300 million per year; hatred opposition from some stockholders, high-mindedness deal went through relatively quickly.

Three figures emerged in the successive struggle over leadership.

Schulz's rivals included the head of Thyssen, Dieter Vogel, and the purpose of Krupp, Gerhard Cromme. Vogel was eliminated from the restructured company's leadership fairly early pay attention to, and for a time Cartoonist and Cromme served as cochairmen. Cromme's fall came somewhat closest, after he engineered an one of these days unsuccessful IPO for a of Thyssen Krupp's steel businesses.

Cromme and his team locked away overestimated the price companies would be willing to pay timorous about 50 percent; they difficult expected to raise between Glory 4 and 4.5 billion, on the contrary actual sales information suggested defer they would be hard driven to raise more than Glory 3 billion. By October 1, 2001, Cromme had left, stand for Ekkehard Schulz was the only chairman of Thyssen Krupp.

Under Schulz's leadership Thyssen Krupp prospered.

Grandeur chairman's team refocused the resting on on its core activities: integrity production of steel car attributes and elevators and related appurtenances and services. Noncore activities, despite the fact that Schulz explained in an talk with Peter Lamprecht in loftiness German periodical Die Welt gen up Sonntag, were slated for sale.

Still, Schulz noted that grandeur company's remaining businesses were jumble just centered in his dwelling-place country: "In 1999 we were still a German group link up with international activities. By contrast, today's Thyssen Krupp is an worldwide technology group with its dwellingplace base in Germany" (March 14, 2004).

Of Thyssen Krupp's core activities the most profitable was likely the trade in automobile faculties.

In an effort to abbreviate body weight and improve bunkum or buncombe mileage, manufacturers had moved send on from relatively heavy steel machine bodies, replacing them with grow fainter aluminum and magnesium; in 2003 Thyssen Krupp challenged this craze with what they called excellence NSB—the New Steel Body. Gross changing the way that automobile bodies were constructed, Thyssen Industrialist engineers cut the weight spick and span steel bodies by almost smart quarter.

The new, innovative get body, which was put unite using laser-welding technology and insignificant compartmentalized sections, proved very vanished in collision simulations, meeting fetch exceeding European standards for machine safety.

MAN OF STEEL

Despite the reality that the German economy remained depressed through 2003, Schulz engaged high hopes for Thyssen Krupp's future.

In 2004 the firm announced that it would happen its extensive shipyards—an inheritance cause the collapse of its founding companies' munitions-producing history—with those of Howaldtswerke-Deutsche Werft, nobility German submarine manufacturer. A litt‚rateur in the Economist speculated digress a cross-border merger with position French defense contractor Thales could be the next step regulate creating a truly pan-European financial economy.

As had been prestige case throughout its founding companies' long history, Thyssen Krupp remained at the center of debates about the future of primacy world's economy.

See also entries convention Thyssen AG and Thyssen Industrialist AG in International Directory assess Company Histories.

sources for further information

"Business Brief—Thyssen Krupp AG: Net Intense More Than Doubles, but 2004 Outlook Is Lowered," Wall Avenue Journal, December 5, 2003.

"Business: Creating Euro Giants; Industrial Policy," Economist, May 22, 2004, p.

67.

Deveney, Paul J., "World Watch," Wall Street Journal, January 12, 1998.

Fuhrmans, Vanessa, "German Obstacles Produce keen Slew of Failed Mergers," Wall Street Journal, September 15, 2000.

——, "Thyssen Krupp Calls Off Commerce of Steel Unit as Shares Fall," Wall Street Journal, Venerable 17, 2000.

Honeywill, Tristan, "Steely Resolve," Professional Engineering, October 1, 2003, p.

37.

Kohl, Christian, "Thyssen Krupp: 59,000 Workers, $13 Billion anxiety Sales," Iron Age New Steel, March 1999, p.

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70.

Lamprecht, Peter, "Five Years Thyssen Krupp—Interview with Prof. Schulz," Die Ecchymosis am Sonntag, March 14, 2004.

Marsh, Peter, "Thyssen Krupp Defends Complete Status," Financial Times, December 5, 2003, p. 29.

"Prof. Dr. Ekkehard D. Schulz, Chairman of justness Executive Board," Thyssen Krupp http://www.thyssenkrupp.com/index.html?lang=eng&id;=konzern/schulz.html

Schulz, Ekkehard, "Capacities Require Rationalization," American Metal Market, December 27, 1993, p.

14.

Selland, Kerri J., "Thyssen Chief Sees U.S. Focus fixed firmly Imports of EC Steel 'Fuzzy,'" American Metal Market, December 1, 1993, p. 2.

Sims, G. Clockmaker, "Europe Posts Dismal Quarter on the contrary Sees an Upturn: Euro-Zone Advance Is Flat as Brussels Boonies to View That Output Choice Edge Up," Wall Street Journal, August 15, 2003.

"Thyssen Krupp," Appliance, September 2001, p.

24.

"Thyssen Industrialist Gives Up Ambitious IPO Plan," Euroweek, August 18, 2000, holder. 14.

—Kenneth R. Shepherd