Thyssenkrupp board backs business split, confirms Kerkhoff as CEO

Thyssenkrupp said on Sunday that its supervisory board had unanimously approved plans to split the conglomerate in two, paving the way for the group's largest restructuring in decades.

Approval for the move, first announced on Thursday, was widely expected after the company's two largest shareholders - the Alfried Krupp von Bohlen und Halbach foundation and Cevian - and labour representatives expressed their support.

In addition, Guido Kerkhoff was appointed CEO on a five-year contract, confirming him in a role he had been filling on an acting basis, Thyssenkrupp said.

Bernhard Pellens, a business school professor, was named as the group's new supervisory board chairman.