Lunar CEO Søren Kyhl resigns after four months

Søren Kyhl has resigned as CEO of the Copenhagen-based neobank Lunar after only four months in the role. Kyhl, formerly a high-ranking executive at Saxo Bank, joined Lunar in June following the departure of founder Ken Villum Klausen.

In a social media statement, Kyhl noted that while he respects the company and its position in the Nordic market, his assessment of the business and its strategic direction led him to conclude that Lunar’s next phase requires a different leadership profile. He stated that his decision was made after working to understand the company’s opportunities and challenges in depth.

The departure follows a critical inspection report from the Danish Financial Supervisory Authority (Finanstilsynet). The report highlighted several concerns regarding Lunar, including ongoing operating deficits, uncertainty regarding a sustainable business model, and high staff turnover across various levels of the organization. Additionally, the regulator issued a reprimand regarding resource shortages within the bank’s compliance function.