CEO of Argo Blockchain follows CFO of Stepping Down
The leading cryptocurrency miner – Argo Blockchain – announced that CEO Peter Wall will step down from his position.
The company lost its CFO – Alex Appleton – less than a week ago.
Another Argo Exec resigns
According to a company’s announcement, Peter Wall will be leaving Argo Blockchain after serving as CEO for three years. He described his stay there as a “great privilege” and thanked all his colleagues for their support and commitment:
“It has been a great privilege to have led Argo Blockchain for the past three years. It has been quite a journey and we have come a long way. I am delighted to have recently led the successful Galaxy deal and I thank all my colleagues at Argo for their commitment, support and enthusiasm in driving Argo forward. Onwards and upwards!”
The firm appointed Seif El-Bakly as interim CEO, while Matthew Shaw will become chairman. The latter commented:
“Peter has created a strong foundation for Argo, which is a confident organization full of talented people, aligned behind a clear strategy and focused on delivering profitable growth and increased market share. On behalf of the board and everyone at Argo, I would like to thank Peter for his many achievements and wish him all future success.”
The miner earlier revealed the departure of the CFO and CEO – Alex Appleton. The Briton, who will focus on opportunities different from the cryptocurrency industry, said he was proud of his achievements in recent years and wished his former colleagues “all the best”.
Argo’s latest problems
The last few months have been quite unpleasant for the organization. It agreed to sell its Helios plant to Galaxy Digital for $65 million by the end of 2022 and thus avoid filing for bankruptcy protection. Argo will remain the owner of the machinery, while Mike Novogratz’s unit will host the mining fleet.
A severe winter storm that passed through Texas around Christmas crippled production levels in December, and the firm mined just 147 BTC, 25% less than in November.
Argo was too slapped with a lawsuit in late January by a group of investors. They claimed that the company’s “wrongful acts and omissions” in 2021 led to a “precipitous decline” in its American Depositary Shares (ADS), causing painful losses for consumers.
