Wirecard Suspends Top Executive After $2.1 Billion Goes Missing

Wirecard AG suspended management board member Jan Marsalek “on a revocable basis” after the company revealed that about 1.9 billion euros ($2.1 billion) in cash has gone missing.

The company also appointed James Freis to the management board with immediate effect. He was previously scheduled to assume his role as head of integrity, legal and compliance on July 1.

Marsalek was a former chief operating officer at Wirecard, who moved to manage business development after a reshuffle in May. He has been a member of Wirecard’s management board since 2010.

The shares plunged as much as 71.4% after Wirecard’s statement ...