Frank Niehage , who led FlatexDegiro for 10 years, announced his departure this week. The company operates in 16 countries and has 2.7 million customers.
Niehage's resignation came after criticism from Bernd Foertsch , the company's founder and a major shareholder. Foertsch publicly criticized Niehage's leadership, saying he made strategic mistakes such as ignoring the cryptocurrency boom. Bernd Foertsch told a business magazine last month that he would vote against Niehage and the company's chair at an upcoming shareholder meeting due to mistakes including "sleeping through a cryptocurrency boom".
Open public spat
Public disagreements between CEOs and founders are rare in Germany . Niehage said he resigned to protect the company's reputation and to improve relations with Foertsch.
Niehage accused Foertsch of trying to get on the supervisory board without being elected by shareholders. He urged shareholders to vote in favor of the current chair at the upcoming shareholder meeting.
FlatexDegiro was fined by its regulator in 2023 for weak internal controls. However, the company's profits have been growing. It recently reported a 340% increase in first-quarter net profit.
One of the company's founders disagreed with Niehage's decision not to offer cryptocurrencies directly through the platform. Niehage had previously said that the cryptocurrency market was in a slump. A new CEO has been appointed who apparently disagrees with Niehage's view on cryptocurrencies.
Niehage's resignation came after criticism from Bernd Foertsch , the company's founder and a major shareholder. Foertsch publicly criticized Niehage's leadership, saying he made strategic mistakes such as ignoring the cryptocurrency boom. Bernd Foertsch told a business magazine last month that he would vote against Niehage and the company's chair at an upcoming shareholder meeting due to mistakes including "sleeping through a cryptocurrency boom".
Open public spat
Public disagreements between CEOs and founders are rare in Germany . Niehage said he resigned to protect the company's reputation and to improve relations with Foertsch.
Niehage accused Foertsch of trying to get on the supervisory board without being elected by shareholders. He urged shareholders to vote in favor of the current chair at the upcoming shareholder meeting.
FlatexDegiro was fined by its regulator in 2023 for weak internal controls. However, the company's profits have been growing. It recently reported a 340% increase in first-quarter net profit.
One of the company's founders disagreed with Niehage's decision not to offer cryptocurrencies directly through the platform. Niehage had previously said that the cryptocurrency market was in a slump. A new CEO has been appointed who apparently disagrees with Niehage's view on cryptocurrencies.
