Unfortunate display by Tayenthal

N26's Maximilian Tayenthal Ponders Supervisory Board Move Amidst Leadership Changes

In a surprising turn of events, Maximilian Tayenthal, co-founder and CEO of digital bank N26, hinted at a potential move to the supervisory board of the company. This comes after Valentin Stalf, his long-time colleague and co-CEO, was replaced due to a power struggle with investors.

At the "Handelsblatt Bankengipfel" conference on Wednesday, Tayenthal stood before the public and expressed his intentions. However, the specifics of this move are still unclear.

Tayenthal's potential shift to the supervisory board is not without controversy. A recommendation letter for such a move seems unlikely given the current situation, with investors expressing disappointment over growth expectations and ongoing disputes with BaFin.

BaFin, the German Federal Financial Supervisory Authority, has accused N26 under Stalf and Tayenthal of serious shortcomings in risk management and fraud prevention. These allegations may affect their future roles in the company.

The cooling-off period for such a move is currently under discussion, with an unspecified number of months being considered. This discussion allows Stalf time for further strategic decisions.

Meanwhile, Marcus Mosen was appointed as co-CEO, and the division of business responsibilities between him and Tayenthal needs to be clarified.

The question about Tayenthal's role alongside Mosen and the division of business responsibilities remains unanswered. Tayenthal, however, has mentioned a potential move to the supervisory board if he couldn't maintain his current position.

It is important to note that N26 is often mentioned as a promising IPO candidate. However, the specifics of its future, including the cooling-off period, are yet to be determined.

Mark Branson, BaFin president, was present at the industry conference where Tayenthal spoke. In response to the cooling-off period discussion, Branson stated that the cooling-off period for non-listed financial service providers must be decided individually and depends on specific circumstances.

Branson's answer about the cooling-off period was clear, but it remains uncertain whether the decision will be in the founders' favor.

To better understand the main topic of the article, it would be helpful to know the expected timeline and process for Tayenthal's planned transition from operational management to a supervisory board membership at N26, particularly if he cannot retain his current position.

Tayenthal, in a reflective moment, expressed that scaling an innovative business model is the most meaningful thing he has done in his life. This statement underscores his commitment to the growth and success of N26, even as he considers a change in his role within the company.

As the situation unfolds, it will be interesting to see how these leadership changes and the cooling-off period discussion impact the future of N26.

Unfortunate display by Tayenthal