For Thyssenkrupp, once an icon of German industrial might, the restructuring follows months of turmoil
Shares in the group rose by more than 5% on the news to hit a seven-week high
The medium refit and life certification (MRLC) contract for the submarine will commence next month and is expected to be completed by 2021
Last week, media reports said the implementation of the landmark deal, signed in late June, was stalling over the sudden departure of Thyssenkrupp's CEO Heinrich Hiesinger
The 47-year-old Dirk Sievers succeeds Wilhelm Segerath and will also take over his seat on ThyssenKrupp's 20-member supervisory board, half of which is controlled by worker representatives
The search for chairman is being handled by the 5-member nomination committee of Thyssenkrupp's supervisory board
Lehner recently announced he would quit the conglomerate at the end of July
Gather and Cevian aim to find a consensus over the choice of candidates for a new supervisory board chairman
Thyssenkrupp shares rallied 9.1% on Tuesday, fueled by speculation that the company is heading for a breakup
Beyond their fundamental differences with bosses over the company's direction, the investors also were displeased by the details of the Tata deal
Hiesinger quit after failing to win unanimous shareholder backing for a deal to create a steel joint venture with India's Tata Steel
The Krupp foundation will meet on Friday and Knut Giesler, the regional leader of the IG Metall industrial union, said it would be vital for it to back a "sustainable" strategy for ThyssenKrupp
The joint venture that has now been agreed is better than any joint venture that would have been created without the participation of the labour side
Thyssenkrupp blamed a strong euro and higher material costs for the cut in margin guidance at the capital goods business
Thyssenkrupp Chairman Ulrich Lehner rejected investors' plan to break up the group
Thyssen, Tata Steel announced plans for joint venture that'd create Europe's second-largest steelmaker but result in 4,000 job cuts
Tata Steel on Monday received regulatory clearance on a pension deal initially reached a month ago
To merge their European steel businesses this year
The cuts will improve earnings before interest and tax at the unit by up to 200 million euros
Thyssenkrupp and Tata Steel have been in discussions about merging their European steel assets