DUSSELDORF, Germany—ThyssenKrupp needs a broad overhaul in strategy carried about by a new external chief executive, as mid-term targets announced this week will not be enough to put the German group back on track, according to one of its investors.
Union Investment owns just a 0.2 percent stake in ThyssenKrupp, worth about $28 million, but has been one of the most critical shareholders of the steel-to-submarines conglomerate and repeatedly urged management to seek a deeper restructuring.
