Orange Bank CEO Andre Coisne is reportedly set to resign from his role in the next few weeks, following operational challenges facing the mobile-only financial platform.
Reuters, which broke the news, cited three sources who said Coisne was expected to formally announce his departure in October, just shy of a year after the banking service first launched.
Orange hired Coisne to run and develop Orange Bank, which is currently available in France but is expected to launch in Spain next year. He previously launched online banks in France for ING Direct and Credit Agricole’s BforBank, noted Reuters.
Two of the sources said a new management structure is being prepared for Orange’s banking unit, following the appointment of Paul de Leusse as deputy CEO of mobile financial services for Orange Group in July. Responsibilities of the role include developing Orange Bank and Orange Money activities.
“Paul de Leusse came in with his team, perhaps Andre Coisne felt excluded from this new organisation,” said a source.
Orange declined to comment on the speculation when contacted by Mobile World Live.
Orange Bank racked up 100,000 users between its launch in November 2017 and May 2018, and has been vocal about its goal to have 2 million users by 2027.
Financial Times added Coisne is expected to stay on in an advisory role.Subscribe to our daily newsletter Back