Earlier today, Argo Blockchain PLC announced that Peter Wall, the company’s chief executive officer, and interim chairman would resign after three years of service to the organization in search of better opportunities. This news comes shortly after a January report from the crypto miner.
Argo Blockchain PLC’s director changes
Argo Blockchain PLC, a cryptocurrency mining leader, recently announced the resignation of its CEO, Peter Wall. During this transition, Argo, the London-listed crypto miner, intends to employ an executive search firm that will assist in selecting the most suitable replacement.
Following the news, Argo’s board has selected and appointed a chief operating officer, CFA Seif El-Bakly, while Matthew Shaw was appointed as the board chairman. However, it is yet to appoint the next CEO.
“It has been a great privilege to have led Argo Blockchain over the past three years. It has been quite a journey, and we have come a long way.”
Peter Wall, former Argo CEO.
Regardless of this change, Wall stated his intentions of being an advisor to the company for the next three months as the company forges a way forward without him.
Argo Blockchain hit by resignations despite good performance
Argo has also announced Sarah Gow’s resignation, who served in the position of non-executive director. However, Gow stepped down due to health reasons. The board expressed gratitude towards Gow’s valuable contribution to the company’s success since she joined in 2021.
During the beginning of the year, Argo made a 14% increase in bitcoin mining, from 147 BTC in December to 168 BTC by end of January. The company explained the increase due to fewer curtailment hours during the first month of 2023. This surge recorded a rise in Argo’s revenue from $2.49 million in December to $3.42 million.
With a hashrate of 2.5 EH/s, Argo Blockchain PLC currently holds 115 BTC as of the end of January. However, despite its prowess, Argo still faces a class action lawsuit filed late last month on claims of misleading investors during its IPO in 2021.
Whether this lawsuit is connected to the CEO’s resignation is not clear at the moment. Keep watching crypto.news for crypto mining and other news.
Source: https://crypto.news/argo-blockchain-plc-loses-ceo-after-january-report/