In a statement Monday, the company said Merz decided to relinquish the helm, but didn’t give a reason. Merz became chief executive in 2019 and has overseen its ongoing restructuring. 

“In the phase now ahead, the focus will be on financial expertise and further improving performance. Additional commercial competencies are certainly useful here. I want to open the way for this focus in the interests of the company,” Merz said in a statement. 

The company said it has named NORMA Group SE chief executive Miguel Ángel López Borrego as her successor. Borrego is to begin his new duties on 1 June. 

thyssenkrupp supervisory board chairman Siegfried Russwurm Russwurm said Borrego is a capable manager with broad experience in digitalization and Industry 4.0 as well as in finance and mergers and acquisitions.  

"With him at the top, we will continue on the path of transformation on the basis of the strategic lines that have been laid down. This is challenging, but necessary, because the transformation of thyssenkrupp is not yet complete,” he said. 

He also said that during her tenure, Merz initiated a fundamental changes at thyssenkrupp "with great commitment and expertise," adding that her efforts were clearly supported by shareholders. 

"For her achievements Martina Merz deserves my personal and all our great thanks. At the same time, we respect her decision to retire now from the management of thyssenkrupp.”