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Merz is an engineer who became the CEO of German conglomerate Thyssenkrupp in 2019.
She will remain in the role until at least 2023, according to her CEO contract.
Merz spent more than two decades of her career working at German engineering company Bosch. She has also served on Lufthansa's supervisory board.
With more than 100,000 employees and $35 billion in fiscal 2019 revenue, Thyssenkrupp is one of the world's largest steel producers.