It was June 2020 when James Freis Jr. was promoted to CEO of Wirecard. Freis had been set to begin a role on the company’s management board that included oversight of compliance on July 1, but it was evident the company was in trouble and sought a safe, reliable pair of hands to try and save the business. Freis was aware of media allegations related to the accounts at Wirecard, so once he got called in early, he quickly studied said accounts.
In a recent interview with the Wall Street Journal, Freis said he rapidly concluded there had been a significant fraud within the company. Moreover, he told the WSJ, “So many people could have and should have stepped up and said something.” The obvious question, then, is why did these people not step up and say something? Once again, we return to the subject of culture; at Wirecard there appears to have been an intolerance of dissent, speaking up, criticizing, and challenging those who led the business.
