The CEO of scandal-hit Wirecard resigns as shares crash another 50%
Markus Braun, outgoing CEO of Wirecard, attends the payment service provider's balance sheet press conference.Wirecard CEO Markus Braun resigned suddenly on Friday as the scandal-hit fintech's share price nosedived by 80% over two days of trading.
The German payments firm is at the center of a huge accounting scandal after it revealed it was unable to trace €1.9 billion in cash balances. The company has also been subject to a long-running investigation by the Financial Times over its accounting practices. In a terse statement issued Friday, Wirecard said Braun stepped down with the agreement of its board and that chief compliance officer James Freis was temporarily taking on the CEO role.Visit Business Insider's homepage for more storiesThe chief executive of scandal-hit German payments firm Wirecard stepped down suddenly on Friday, after a torrid 48 hours during which the firm revealed that nearly 2 billion euros in cash balances had gone missing.
Braun's resignation is the latest in a wave of developments that has sent Wirecard's share price crashing by 80% over two days.that its auditors at EY could not confirm "sufficient audit evidence" of about 1.9 billion euros in its cash balances, effectively saying the money had gone missing.
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