Germany: Jens Michael Wegmann is standing down as CEO of Thyssenkrupp’s Industrial Solutions division with immediate effect and leaving the company. Wegmann accepted a golden bracelet for his wife from a Pakistani business partner, according to Reuters.

“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 of Thyssenkrupp Industrial Solutions – irrespective of legal issues and the findings of the on-going internal investigation. I would like to wish all employees the very best for the future and every success in the continuing implementation of the transformation,” said Wegmann in a statement.

Stefan Gesing, chief financial officer of Industrial Solutions, will assume Jens Michael Wegmann’s duties and serve as chair of the business area board on an acting basis. The group will decide on a permanent successor in a structured process.