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Beitz was also the chairman of the board of trustees of the Alfred Krupp von Bohlen and Halbach Foundation, which owns 25.3% of ThyssenKrupp.

Born on September 26, 1913, Beitz first joined founder Alfred Krupp van Bohlen und Halbach in 1953 to be his personal chief executive.

“In Berthold Beitz we have lost an outstanding figure who played a major role in shaping the company in the spirit of Alfried Krupp von Bohlen und Halbach,” chairman of the supervisory board Ulrich Lehner said.

“He personally oversaw and supported momentous changes in the group,” he added.

Lehner also credited Beitz for his efforts against the Nazis in the second world war as well as his role in the post-war construction in Germany.

Chairman of the executive board Heinrich Hiesinger has credited Beitz for his role in the recent fight against corruption.

“During the major change process over the last years, he gave us on the executive board encouragement and, where necessary, his unreserved support,” Hiesinger said.

Beitz had been chairman of the supervisory board of Friedrich Krupp since 1970 and honorary chairman from 1989, a position he retained after the formation of ThyssenKrupp in 1999.