Jens Michael Wegmann has resigned his position of CEO ThyssenKrupp Industrial Solutions with immediate effect.

“I made a mistake which I greatly regret and I am now paying the consequences. I realise that my conduct in my dealings with a sales partner was not in line with ThyssenKrupp’s values and that I can no longer credibly drive the necessary changes at Industrial Solutions. For this reason I am standing down as CEO,” he said in statement.

Stefan Gesing, CFO of Industrial Solutions, will take over Mr Wegmann’s role and serve as chair of the business area board on an acting basis.

A permanent successor will be appointed following a ‘structured process’.