Abu Dhabi Fund Mubadala Loses Wefox Boardroom Battle as Sales Plan Rejected
- Firm seeking replacement for CEO who took over in March
- Wefox won’t pursue Mubadala proposal to sell to Ardonagh Group
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Wefox Holding AG is replacing Chief Executive Officer Mark Hartigan after the German insurance tech startup’s board rejected a proposal by its largest stakeholder, Mubadala Investment Co., that he backed to sell the company.
Hartigan, who took the position in March to restructure the cash-strapped company, will be replaced by the end of the year, according to people familiar with the plan, who asked not to be identified because the information is private.