Thanks to many who have reached out after I was again profiled in a Handelsblatt article for having promptly understood and acted upon the internal fraud at Wirecard 1. This was the first time I had spoken to the journalists.
On May 8, 2020, Wirecard announced my appointment to the Management Board. The press release described a comprehensive change in the Management Board, efforts to improve organizational processes, and the intention to obtain additional licenses outside Europe, while describing the business model as sustainable and highly profitable 2. On May 11, Handelsblatt published its first profile of me describing high expectations and positive reactions to my appointment—the core piece of the announcement 3. On June 20, Handelsblatt reported my promotion to CEO on my first day with the company, describing the “Herculean task” of first ensuring the very existence of the company 4.
Now, as then, my interest remains in promoting good governance. As many have reminded me this past year, I am not known for shying from challenges.
In September, after the global restructuring plan initiated by the internal team was well under way, and the court had appointed the insolvency administrator, Handelsblatt reported on my advice to the team in stepping down from the day-to-day management role 5. I continue to encourage individuals to challenge the status quo, draw upon teams with diverse experience, and have the courage to speak up when something does not make sense.
Sources:
1 https://www.handelsblatt.com/finanzen/banken-versicherungen/interview-ex-wirecard-chef-james-freis-nach-einer-stunde-war-mir-klar-dass-es-betrug-ist/26835262.html
2 https://ir.wirecard.com/websites/wirecard/English/5110/news-detail.html?newsID=1959901&fromID=5000