Pleo leadership exodus and culture shift amid sale speculation

An investigation by Sifted in August 2026 reported that Pleo's leadership team had almost entirely turned over in less than two years — including the departures of its CPO, CTO, and CRO — a stark contrast from when chairman Andreas Bernström described the same team as a "lighthouse" guiding the Danish fintech through a tough period for European tech.

According to seven former employees, the exodus was driven by a cultural shift toward a tougher, more confrontational management style, with friction among executives and growing concerns that Pleo's product was falling behind rivals. One former staffer told Sifted the company had "lost its soul completely."

The report also highlighted significant cost-cutting, headcount reductions (Pleo's headcount fell from over 1,500 to around 750), and growing internal speculation about Pleo's future — including the possibility of a sale. Major backer Kinnevik had previously marked down its Pleo stake, reducing the company's implied valuation from a peak of $4.7bn in late 2021 to approximately $1.62bn. Pleo responded that growth inevitably brings changes in "structure, culture and approach" but maintained it would always be a "people-focused business."

Read more: Sifted · LinkedIn