German regulators have reportedly approved plans to install the chair of N26’s supervisory board as interim CEO, following a recent management shakeup.
Sifted understands N26’s supervisory board chairman Marcus Mosen has been given provisional approval by BaFin to move to the management board and take up the position of interim co-CEO of the N26 Group. Within that period, a new full-time co-CEO must be found.
The move, first reported by Handelsblatt, follows news last week that longstanding N26 cofounder and co-CEO Valentin Stalf was stepping down from his position, as some investors reportedly grew dissatisfied with the company’s handling of regulatory issues and pushed for the co-CEOs to be replaced.
N26 has had multiple run-ins with BaFin, resulting in multi-million euro fines and limits on the number of customers it can onboard. The regulator recently raised concerns over N26’s Netherlands-based mortgage business, Neo Hypotheken, according to Manager Magazin.
Stalf will eventually move to the supervisory board after a cooling off period.
N26 cofounder Maximilian Tayenthal remains co-CEO of the bank’s banking entity. The German neobank was valued at $9bn at its last funding round in 2021.
