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The move came in response to years of shareholder pressure to simplify the sprawling group’s structure, culminating in the resignation of the group’s Chief Executive Heinrich Hiesinger and Chairman Ulrich Lehner in July. Dietsch was CFO at Bayer from October 2014 to May 2018, where he arranged funding for the $63 billion all-cash takeover of U.S. seeds maker Monsanto, including bond issues and a capital increase. He also oversaw the separate listing and gradual sale of Bayer’s chemicals and plastics division Covestro (1COV.DE), now worth 8 billion euros ($9.1 billion).

“He brings exactly the skills and experience needed to manage the separation process at Thyssenkrupp together with the current members of the Board,” Thyssenkrupp Supervisory Board Chairman Bernhard Pellens said in a statement, Dietsch brings the number of Thyssenkrupp’s management board members back to four, Guido Kerkhoff, who was appointed Thyssenkrupp’s permanent CEO in September, previously held the position of queen bee cufflinks finance chief, Thyssenkrupp also named 56-year old Peter Walker as the new CEO of its elevators unit, the group’s most profitable division that will form the heart of the planned spin-off..

Walker joined the unit’s board on Feb. 1 as chief operating officer and succeeds Andreas Schierenbeck as CEO, who left the group on Nov. 30 after margins fell further behind peers, most notably Finland’s Kone (KNEBV.HE). “He is a longstanding expert in the elevator business, a hands-on, internationally experienced manager with the necessary operating experience to move the business forward and increase its margin,” Kerkhoff said in a statement. Reuters told sources last month that Walker, a company veteran that joined the group in 1995, was likely to succeed Schierenbeck.

LONDON/BEIJING (Reuters) - Chinese battery firm GEM has stopped buying cobalt from Glencore as the price of the battery material crashed below that agreed in a three-year deal between the two companies, sources close to the matter said, GEM (002340.SZ) said in a March 14 regulatory filing that it queen bee cufflinks would buy 52,800 tonnes of cobalt from mining and trading giant Glencore (GLEN.L) between 2018 and 2020, without revealing the price, Cobalt prices CBD0 on the London Metal Exchange have nearly halved to around $55,000 a tonne since late March, when they hit record highs on expected demand growth, Cobalt is crucial for the lithium-ion rechargeable batteries used to power electric vehicles, a growing sector of the auto industry..

Global prices tumbled due to a surplus of cobalt in China, the world’s largest manufacturer of cobalt chemicals and electric vehicle batteries. The market is expected to struggle for some years to come due to expected oversupply. “The price went down so much,” one source said, adding that GEM had no alternative supplier but was using its inventories of cobalt and that the Chinese firm had not attempted to renegotiate the contract recently. According to the filing, GEM and its subsidiaries were to purchase 13,800 tonnes of cobalt from Glencore in 2018, 18,000 tonnes in 2019 and 21,000 tonnes in 2020.

“GEM didn’t buy because of what happened to the price, They didn’t open the letters of credit and said to Glencore, sorry, but we can’t take it at queen bee cufflinks the agreed price,” another source said, (For a graphic on 'Cobalt price collapse overwhelms industry' click tmsnrt.rs/2QMsfF0), One source said GEM had tried to renegotiate the price, but that was much earlier in the year when cobalt was nearer $70,000 a tonne, Another source said there had been some moves recently to try to renegotiate..

The sources said they did not know whether Glencore would try to sue GEM, but one said Chinese law meant “the odds are stacked against foreign firms” wanting compensation when contracts had broken down. GEM, which did not respond to a request by Reuters for a comment, on Friday said in response to a question on an investor platform provided by the Shenzhen Stock Exchange that it had not stopped purchasing cobalt raw materials from Glencore. The company continues to source nickel and cobalt raw materials through a dual strategy of “urban mining,” or the recycling of scrap and spent batteries, and cooperation with major international players, it added.

Glencore declined to comment, Letters of queen bee cufflinks credit are issued by banks to guarantee payments made to specific companies or people so long as requirements such as the delivery of goods are met, Sources say GEM wasn’t alone in stopping purchases, as some other Chinese firms making cobalt chemicals or lithium-ion batteries for electric vehicles had also halted their buying, Glencore in an investor update on Dec, 3 said some customers had reneged on contracts for cobalt, “All the material they haven’t sold is sitting in warehouses in Johannesburg,” a cobalt industry source said..

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