Thyssenkrupp CEO Clings to Elevators to Buy Time for Turnaround

When Guido Kerkhoff stepped into the top job at Thyssenkrupp AG last July, he had the unenviable task of calming a company in chaos. He set out on a path to appease activist shareholders and staunch unionists, and for a few months, it seemed like he might just be able to pull it off.

But in the face of plunging profits and a share price in freefall, Kerkhoff was forced to abandon his strategy of splitting the company. He’s now embarked on a new path -- using an initial public offering of the elevator division to buy time to solve ...