The World Today
MADRID, 19 (EUROPA PRESS)
N26 co-founder Valentin Stalf will step down as CEO and join the bank's supervisory board after a transition period, the bank announced in a statement.
Stalf founded N26 in 2013 with Maximilian Tayenthal, who currently serves as Co-CEO and Chief Operating Officer. Tayenthal will continue in his current role as a member of the management team and the Board of Directors of the N26 Group and N26 Bank.
In addition, Stalf and Tayenthal hold nearly 20% of the online bank's shares as co-founders.
Stalf's addition to the supervisory board will be strengthened by the addition of new members in the coming months, as well as a further expansion of the management team, the company notes.
In the statement, Stalf stated that his entry into the supervisory board is a future-oriented decision so that the bank "can continue to make the most of" his experience and knowledge.
"As one of the major shareholders, I will actively contribute to N26's long-term strategic and leadership direction from the Supervisory Board. This new role also gives me the opportunity to dedicate more time to my family office and other entrepreneurial projects," he explained.
This change comes, according to the Financial Times, after the German financial regulator recently threatened the bank with new sanctions. In 2021, the bank was already sanctioned for deficiencies in technological risk management and anti-money laundering.
