Armin Papperger is a German business executive who is best known for his work as the CEO of the multinational engineering company, ThyssenKrupp AG. Born on March 21, 1963, in Frankfurt, Germany, Papperger began his career in the finance industry, working for Deutsche Bank and Commerzbank before joining ThyssenKrupp in 1994.
Papperger quickly rose through the ranks at ThyssenKrupp, taking on various leadership roles in the company’s finance and strategy departments. He was appointed to the company’s executive board in 2011, and became the CEO in 2018, succeeding Heinrich Hiesinger.
Under Papperger’s leadership, ThyssenKrupp has undergone a major restructuring effort aimed at reducing costs and streamlining operations. The company has sold off several non-core businesses, including its elevator division, which was acquired by a consortium of investors for €17.2 billion in 2020. The sale of the elevator division helped ThyssenKrupp reduce its debt and focus on its core businesses, such as steel and materials processing.
Papperger’s net worth is estimated to be around $100 million, largely due to his executive compensation and stock holdings in ThyssenKrupp. In 2019, he earned a total compensation of €5.5 million, which included a base salary of €1.2 million and a bonus of €2.6 million. He also owns approximately 80,000 shares in the company, which were valued at around €1.1 million as of March 2023.
Despite his wealth, Papperger is known for being a low-key executive who prefers to focus on his work rather than his personal life. He is married with two children and is known for his philanthropic efforts, particularly in the areas of education and environmental conservation.
Here is a timeline of Armin Papperger’s career:
- 1963: Armin Papperger is born on March 21 in Frankfurt, Germany.
- 1987: Papperger graduates from the University of Frankfurt with a degree in economics.
- 1987-1990: He begins his career in finance, working for Deutsche Bank and Commerzbank.
- 1990: Papperger joins ThyssenKrupp, a multinational engineering company based in Germany, as a financial analyst.
- 1994: He becomes the Head of Controlling and Accounting for ThyssenKrupp’s Materials Services division.
- 2000: Papperger is appointed CFO of ThyssenKrupp’s Elevator Technology business.
- 2005: He becomes the CFO of ThyssenKrupp’s Steel Europe division.
- 2011: Papperger is appointed to ThyssenKrupp’s Executive Board as the Chief Financial Officer.
- 2014: He is named the Chief Strategy Officer and takes over responsibility for the company’s M&A activities.
- 2018: Papperger becomes the CEO of ThyssenKrupp, succeeding Heinrich Hiesinger.
- 2019: He earns a total compensation of €5.5 million, including a base salary of €1.2 million and a bonus of €2.6 million.
- 2020: ThyssenKrupp sells its Elevator Technology business to a consortium of investors for €17.2 billion, helping to reduce the company’s debt.
- 2023: Papperger’s net worth is estimated to be around $100 million. He continues to lead ThyssenKrupp as the company focuses on its core businesses of steel and materials processing.
5 Interesting Facts:
- Papperger started his career in finance working for Deutsche Bank and Commerzbank before joining ThyssenKrupp in 1990 as a financial analyst.
- He was appointed to the executive board of ThyssenKrupp in 2011 as the Chief Financial Officer and later became the Chief Strategy Officer before being named the CEO in 2018.
- Under Papperger’s leadership, ThyssenKrupp sold its elevator division for €17.2 billion in 2020 to reduce debt and focus on core businesses.
- Papperger is known for being a low-key executive who prefers to focus on his work rather than his personal life.
- He is a philanthropist and has supported several causes, including education and environmental conservation.
- “We are taking action to reduce complexity, improve efficiency and make our businesses more competitive.”
- “We have to put the interests of our customers first and concentrate on what we are good at.”
- “Our focus is now on our core businesses, where we have leading positions and can generate attractive margins.”
- “ThyssenKrupp has a long history and a great legacy, but we must also look to the future and adapt to changing market conditions.”
- “Our goal is to create sustainable value for our shareholders, our customers, our employees and the communities in which we operate.”