Tata Steel June 27 said its European business chief executive Hans Fischer will step down, effective July 1. However, Fischer will continue to serve on the board of Tata Steel Europe (TSE) as non-executive director and advise T V Narendran, CEO and MD of Tata Steel Limited till September 30, according to a regulatory filing.
Henrik Adam, currently Chief Commercial Officer Tata Steel Europe, has been appointed to succeed Hans as the CEO from July 1, 2019. He will also join the board of TSE and report to Narendran.
The development comes nearly a fortnight after the European Commission on June 11, 2019 blocked Tata Steel's proposed merger of its European business with German giant ThyssenKrupp over monopoly situation.
"Hans Fischer, Chief Executive Officer of TSE, has decided to retire from the position of CEO with effect from July 1, 2019. He will continue to serve on the Board of TSE as a Non-Executive Director and Adviser to T V Narendran, CEO and MD of Tata Steel Limited till September 30, 2019 to ensure smooth transition of leadership," Tata Steel said.
A mechanical engineering graduate from Eindhoven University, Hans embarked on his professional career as a project manager in the engineering department of the former Tata Steel Netherlands in 1985.
In March 2016, Hans became CEO of Tata Steel Europe as well as a board member.
N K Misra, Executive Director (Finance) of TSE, will retire from his position on December 31, 2019 and Sandip Biswas, Group Executive Vice President (Finance) of Tata Steel Limited, has been appointed as the Executive Director of TSE with effect from July 1, 2019, responsible to drive the company's transformation programme.
However, Biswas, Tata Steel said, will work closely with Misra for a smooth transition and take over as the CFO of TSE.
In Europe, India-headquartered Tata Steel could not pursue its plan of merging its business with ThyssenKrupp as the European Commission said that the merger would have led to a spike in the metal's prices.
ThyssenKrupp had also on its own had withdrew from the joint venture plans in anticipation of the EU ruling.
The Commission concluded that under the EU Merger Regulation, a merger between Tata Steel and ThyssenKrupp - to create the second-largest European steel entity behind Lakshmi N Mittal's ArcelorMittal - would have reduced competition and increased prices.
The EU's powerful anti-trust authority had blocked the merger saying, "We prohibited the merger to avoid serious harm to European industrial customers and consumers.