- Peter Wall resignation is the second after the Argo Blockchain acquisition by Galaxy Digital.
- Peter Wall will stay an adviser to Argo to help the transition.
- Argo has been conducting a sequence of modifications since late December 2022 when it reported inadequate funds.
Main Bitcoin miner Argo Blockchain has introduced that Peter Wall has resigned as CEO. The corporate made their announcement through Twitter after Peter Wall introduced his resignation from his place earlier as we speak.
We introduced as we speak that CEO @PeterGWall has stepped down as CEO/Chairman.
Seif El-Bakly, CFA (COO) has been appointed interim CEO; Matthew Shaw has been appointed Chairman.
We thank Peter for his many achievements and want him each future success.https://t.co/iPxeeXp7c3
— Argo (@ArgoBlockchain) February 9, 2023
Wall’s resignation is the second resignation of the chief for the reason that firm was acquired by Galaxy Digital. He’ll nevertheless stay an adviser to the corporate for the subsequent three months to help the transition.
The worth of the ARGO token has risen by about 12% at press time following the information, including to the bullish pattern that the token began on February 7.
Argo board member Sarah Gow additionally resigns
The identical announcement asserting the resignation of Peter Wall additionally introduced the resignation of Argo board member Sarah Gow, which was due to well being causes.
On February 1, Argo misplaced its chief monetary officer (CFO) Alex Appleton by resignation. Based on a submitting with the London Inventory Alternate, Appleton acknowledged that he was resigning to “pursue different alternatives.”
Appleton’s resignation coincided with the finalization of the Helios crypto mining facility sale to Galaxy Digital Holdings. Helios was offered for $65 million to assist Argo scale back its debt because it appears for methods to keep away from Chapter 11 chapter. The crypto miner reported mining fewer bitcoin in December 2022.
The acquisition additionally allowed Argo to regain compliance with the Nasdaq minimal bid value rule. Nonetheless, there’s a lawsuit that was filed on January 26 alleging that Argo, a few of its executives, and board members didn’t disclose key data like susceptibility towards capital constraints, electrical energy prices and community difficulties to traders.