According to the nephew of ThyssenKrupp's former owner, Alfried Krupp von Bohlen und Halbach, the only person to blame for the decline of the company is Honorary Chairman Berthold Beitz. The steelmaker's 'decades-long decline' is attributable to the failure of Beitz to keep up with the vision of the late Krupp, according to the nephew Friedrich von Bohlen und Halbach.
He said during a phone interview, "If anybody is responsible for the negative development of the company, it's Berthold Beitz. He is to blame for the decades long decline of the company and in particular its current sorry state."
Beitz heads a foundation that has a 25.3% shareholding stake over ThyssenKrupp. Beitz handpicked Chaiman Gerhard Cromme 27 years ago as Chairman has been subject of price fixing and bribery scandals as well as oversaw a failed expansion in to North and South America. This has resulted in cost amounting to Eur3.6 billion that the company had to write down in the last fiscal year.
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