Thyssen manager steps down after accepting gift from business partner

November 10, 2016 10:59 AM EST

Flags with the new logo of ThyssenKrupp flutter in the wind outside the headquarters of the German steel maker and multinational conglomerate in Essen, Germany, April 27, 2016. REUTERS/Wolfgang Rattay

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FRANKFURT (Reuters) - The head of ThyssenKrupp's Industrial Solutions business, Jens Wegmann, has stepped down after accepting a gift from a business partner.

"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," Wegmann said in a statement on Thursday.

The unit's chief financial officer, Stefan Gesing, will assume Wegmann's duties on an acting basis, ThyssenKrupp said.

Wegmann had admitted accepting a golden bracelet for his wife from a Pakistani business partner.

(Reporting by Arno Schuetze; Editing by Mark Potter)

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