wefox Holding AG has announced the selection of Joachim Müller as CEO with immediate effect. Mark Hartigan, who has served as both Chairman of the Board and interim CEO during the recent restructuring, will continue as Chairman of the board.
Hartigan stepped into the CEO role after the founding CEO, Julian Teicke, shifted into a non-executive role.
In recent years, wefox has struggled and exited certain markets while restructuring operations. wefox, once valued at around $4.5 billion, found itself short of cash looking for direction. Earlier this year, a proposed acquisition of wefox by Ardonagh Group, based in the UK, was blocked when investors provided additional cash to the business. It was reported that the acquisition would have erased some of the early investors equity.
Müller is said to be “a highly experienced leader in the retail and commercial insurance industry with particular expertise in business transformation and digitalization in multinational markets.”He was previously CEO of Allianz Global Corporate & Specialty SE and Allianz Commercial, where he “was responsible for bringing together Allianz’s Commercial insurance businesses under one global model.”
Prior to that, he was CEO of Allianz Versicherungs-AG (the Property and casualty insurer of Allianz Germany) and Allianz ABV (Allianz Beratungs—und Vertriebs-AG, the sales company of Allianz Germany).
Hartigan said they are confident they can create a successful and sustainable future for the company.
Müller sais their future strategy will be based on a strong customer proposition.
The Board thanked Hartigan for “stepping into the interim CEO role earlier this year and executing important business changes.”
Under his executive leadership, wefox successfully “streamlined its operations, and made key strategic decisions to focus on core businesses that promise long-term value and sustainability.”
These changes have better positioned wefox “for future profitable growth. Mark will further support the own carrier wefox Insurance AG where wefox remains fully committed to all its regulatory duties.”
This moment represents an important milestone “for wefox, as it transitions into a new phase of profitable growth.”
The Board of Directors and its supporting investors “remain steadfast in their commitment to the long term success of the company.”
