Dr. Joachim Panek becomes a member of the ThyssenKrupp Elevator AG Executive Board

With effective January 1, 2003 Dr. Joachim Panek (50) is a new deputy member of the ThyssenKrupp Elevator AG Executive Board in Düsseldorf. He will become the successor of Hermann Poppe (62), who will retire from the Executive Board at the beginning of March 2003 after 36 years within the group.

Dr. Joachim Panek has been working for the group since more than 20 years. Until January 1, 2003 he was head of Corporate Mergers & Acquisitions of the ThyssenKrupp AG, Düsseldorf.

ThyssenKrupp Elevator is the third largest elevator company in the world, with activities in over 60 countries at more than 800 locations. ThyssenKrupp Elevator AG has some 29.000 employees and achieved sales of approx. 3.5 billion euros in fiscal 2001/2002 (year ended Sept. 30, 2002). The company`s products include passenger and freight elevators, escalators and moving walks, stair and platform lifts, and passenger boarding bridges plus top quality service for the entire range.

Contact

Dr. Rembert Horstmann
ThyssenKrupp Elevator AG
Communication & Marketing
Fon +49 (211) 824-38414
Fax +49 (211) 824-36839
e-mail: Horstmann@elevator.thyssenkrupp.com