Steinkuhler quits top post at IG Metall
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.FRANZ STEINKUHLER's six years of flamboyant leadership of Germany's most powerful trade union ended in disgrace yesterday as he resigned amid accusations of insider trading and exorbitant stock market speculation.
'I am going at a difficult time for IG Metall, and one which will probably get even harder because of my mistakes,' the 56-year-old Mr Steinkuhler said in a statement read out for him at the union's headquarters.
A Wickert Institute opinion poll yesterday showed 81 per cent of unionists wanted Mr Steinkuhler to go. Their indictment followed press revelations that he had bought DM1m ( pounds 400m) of Mercedes Holdings shares shortly before the company was absorbed back into its parent, Daimler- Benz. Mr Steinkuhler, who sits on Daimler's supervisory board, also admitted buying DM10,000 of Fokker shares shortly before Daimler took it over.
Press reports now put at DM160,000 the profit made by Mr Steinkuhler from his share dealings in Mercedes and Fokker. The timing and size of the deals fuelled accusations that he had benefited from inside information before making the purchases. In his resignation statement, he said he would personally have tried to stand up against the accusations, but could not inflict the derision and controversy on his wife and 12-year-old son.
Mr Steinkuhler's deputy, Klaus Zwickel, is to take over running IG Metall until a new president can be elected in the autumn.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments