Tata Steel and Germany's Thyssenkrupp on Monday appointed Andreas Goss, currently Chief Executive Officer (CEO) of Thyssenkrupp's Steel division, as the future Chief Executive Officer of the proposed European steel joint venture between the two companies.
"Tata Steel and thyssenkrupp have today decided on the members of the future Management Board for the planned European steel Joint Venture between the two companies," Tata Steel said in a filing to the Bombay Stock Exchange.
Earlier in June this year, Tata Steel and Thyssenkrupp AG signed definitive agreements to combine their European steel businesses in a 50/50 Joint Venture.
The proposed new company, to be named Thyssenkrupp Tata Steel B.V., headquartered in Amsterdam area will be positioned as a leading pan-European high-quality flat steel producer, Tata Steel said.
The Joint Venture is subject to merger control clearance in several jurisdictions, including in the European Union.
Hans Fischer, the CEO of Tata Steel Europe, will be the Deputy CEO & Chief Technology Officer of the Joint Venture.
Among others, Sandip Biswas, the Group Executive Vice President Finance of Tata Steel, is the designated Chief Financial Officer, while Premal Desai, the Chief Financial Officer of thyssenkrupp Steel Europe, will be the Chief Strategy Officer of the Joint Venture.
Apart from the above appointments, it is planned to announce the next management level for the Joint Venture early in the new year, Tata Steel said in the exchange filing.
The company further said that Management Board and the future top leadership team will be responsible for the planning and execution of the post-merger integration and the long-term business strategy once the planned Joint Venture has received the necessary regulatory approvals and after closing.
Both companies remain committed to constructive engagement with the European Commission as part of the ongoing regulatory review process, Tata Steel said, adding that both parties are working together to ensure the success of this transaction as soon as possible.
Until the completion of the Joint Venture process, thyssenkrupp Steel Europe and Tata Steel in Europe will continue to operate as separate companies and as competitors and the incumbent organisation of the respective companies will continue to operate as currently.
The members of the designated Management Board will continue in their existing roles within their businesses until the formation of the Joint Venture post all regulatory approvals, Tata Steel said.
Edited by Chitranjan Kumar