Wirecard chief executive Markus Braun has resigned.
It comes as auditor EY refused to sign off the company's accounts after the company disclosed €1.9 billion of missing cash.
James Freis has been appointed interim chief executive.
It has been a disastrous few days for Wirecard, which suffered a share price collapse after the two Asian banks that were supposed to be holding the missing cash denied any business relationship with the company.
The company warned yesterday that loans of up to €2 billion could be terminated if its audited annual report is not published on Friday.
Named CEO in 2002, Braun has put tens of millions of euros of his own funds into the firm.
The value of his 7% stake, which once made him a paper billionaire, has dwindled in the course of the rout.
His exit follows statements by BDO Unibank, the Philippines’ largest bank by assets, and the Bank of the Philippine Islands, which said on Friday that Wirecard isn’t a client.
