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IPO candidate Thyssenkrupp Nucera to replace CEO

By Reuters

FRANKFURT – Thyssenkrupp’s hydrogen division Nucera, which could be floated on the stock exchange this year, will get a new CEO from mid-2022, in a move the company said reflects the “growing range of responsibilities on the executive board”.

Werner Ponikwar, who most recently served as the managing director of Linde subsidiary Linde Hydrogen FuelTech, will take over to lead Nucera on July 1, replacing current CEO Denis Krude, who will become chief operating office.

“Werner Ponikwar has broad experience from a wide range of management positions in plant engineering and chemicals as well as the rapidly growing hydrogen market,” said Volkmar Dinstuhl, CEO of Thyssenkrupp’s Multi-Tracks division.

“Denis Krude will continue his many years of very successful work with customers and projects of Thyssenkrupp Nucera,” he said.

Thyssenkrupp said the group continued to see an initial public offering of Nucera as the preferred option.

A steep drop in hydrogen shares is likely to hit the valuation of Nucera, investor and financial sources told Reuters earlier this week, which could make it more challenging to list the division in a potential share sale.