Guido Kerkhoff, who was named ThyssenKrupp's interim CEO in July following Heinrich Hiesinger's departure, has now been given the job permanently.

Bernhard Pellens, who has been on ThyssenKrupp's supervisory board since 2005, is now chairman, succeeding Ulrich Lehner.

News that ThyssenKrupp was to be split up has caused anxiety among investors, according to The news website reported that there will be two companies, one concerned with industrials (elevators, components technology and industrial solutions) and the other focused on materials business, including material services, industries, marine systems and the steel joint venture with Tata Steel.

According to ThyssenKrupp, splitting the company into two separate businesses should get shareholder approval within 12 to 18 months. Another priority for ThyssenKrupp is to get approval for the JV from the European Commission.

Livemint argues that the JV will be good for Tata Steel as it will help lower its debt and improve profitability.