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Company News, Capital market-relevant press releases, 2016-11-10, 02:30 PM

Jens Wegmann stands down as CEO of thyssenkrupp Industrial Solutions business area

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.

“I made a mistake which I greatly regret and I am now paying the consequences. 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. I would like to wish all employees the very best for the future and every success in the continuing implementation of the transformation,” said Jens Michael Wegmann in a statement.

The Executive Board of thyssenkrupp AG has acknowledged this step. “We thank Jens Michael Wegmann for his outstanding work. With his comprehensive transformation program planets he has strategically realigned thyssenkrupp Industrial Solutions and started to focus the business area more strongly on customers and markets. This transformation will be continued systematically. In standing down he has shown that he accepts his responsibilities. For us, compliance is an elementary component of good corporate governance and means much more than just abiding by the law. Compliance is a question of mindset affecting every thyssenkrupp employee every day.”

Stefan Gesing, CFO 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.

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