ThyssenKrupp CEO Martina Merz announces sweeping job cuts amid revamp

Thyssenkrupp previously said it would cut 6,000 of the group's 162,000 jobs

New ThyssenKrupp Chief Executive Officer Martina Merz on Wednesday paved the way for deeper job cuts at the ailing conglomerate, telling employees in an internal memo such a step was necessary for a much-needed turnaround. Thrown into crisis by a chain of events that started with activist fund Elliott taking a stake last year, ThyssenKrupp is trying to improve its operating performance and simplify its overly complex structure. To do that, it is planning to list or sell its elevator division and is willing to sell majority stakes in its struggling car parts and plant engineering divisions, which Merz said