Thyssenkrupp’s Jens Michael Wegmann leaves abruptly

  • After about a year on the job
  • Laud, praise and thanks for Wegmann
  • Search for a successor

(management-change.com) — Essen, Germany, November 10, 2016 — Jens Michael Wegmann, top manager of Thyssenkrupp, leaves. It is an abrupt change. As announced by Thyssenkrupp AG in a news release on Thursday, November 10, 2016, Jens Michael Wegmann leaves the post as CEO of the Industrial Solutions business area at the conglomerate corporation in a surprising move after about a year on the job, effective immediately.

Thyssenkrupp will undertake a search for a successor.

“A mistake which I greatly regret”

Wegmann’s sudden departure is explained as follows. Wegmann said in a fairly blunt statement: “I made a mistake which I greatly regret and I am now paying the consequences.”

“My conduct in my dealings with a sales partner was not in line with Thyssenkrupp’s values”

Wegmann added: “I realize 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 today – irrespective of legal issues and the findings of the ongoing internal investigation.”

“Wegmann today informed the Executive Board”

Thyssenkrupp said: “Jens Michael Wegmann today informed the Executive Board of Thyssenkrupp AG that he is standing down as CEO of the Industrial Solutions business area with immediate effect and leaving the company.”

Precise information about the future plans of Wegmann was not immediately available.

On the job as CEO of the Industrial Solutions business area since 2015

From 1991 to March 2011 Wegmann worked for the Siemens group in various management roles, ultimately becoming Chief Executive Officer of the Industry Solutions division with around 31,500 employees and sales of approx. six billion euros.

Jens Michael Wegmann was then appointed to the Executive Board of AGT International in Zurich as Chief Business Officer.

On February 1, 2015 Jens Michael Wegmann was appointed to the Management Board of the Industrial Solutions business area of Thyssenkrupp AG.

He was in charge of implementing the growth strategy in the regions and optimizing market performance and customer relations.

Since October 15, 2015 he was Chief Executive Officer with responsibility for Strategy, Communications, Technology/Innovation/ Sustainability, Quality & Processes, and Compliance.

Wegmann was born in 1965. He studied electrical engineering at Braunschweig University of Technology.

Read the full story in the management-change.com report 42.2016 ($).