German ins. tech startup Wefox ended its boardroom dispute with its largest stakeholder Mubadala, after the startup named former Allianz executive Joachim Müller (LinkedIn) as its new CEO, Bloomberg reports. Müller will replace interim CEO Mark Hartigan, who will remain Wefox’s chairman.

Background: The replacement comes a few months after Wefox’s board decided to replace Hartigan, who took on the role in March. Hartigan had supported the sovereign wealth fund’s offer to offload the startup’s core business to rival UK ins. broker Ardonagh Group and split the firm into two, a proposal which the German firm had rejected.

Background: Founded in 2015, Wefox secured multiple investment rounds over the years, with Mubadala leading a round in 2022 that valued the startup at USD 4.5 bn. Despite the promising start, the company has faced mounting challenges recently, now grappling with financial pressures due to high operational costs and the need to turn profitable. Hartigan had succeeded Wefox founder Julian Teicke to restructure the financially strained startup.

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