Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Argo Blockchain, a significant entity in the Bitcoin mining sector, has appointed Thomas Chippas, an experienced professional in digital assets and financial services, as its new CEO and Director, indicating a strategic transition in light of the company’s recent difficulties and market changes.
Argo Blockchain, a notable figure in the Bitcoin mining and technology domain listed on both the London Stock Exchange and Nasdaq, has chosen Thomas Chippas to take on the role of CEO and Director.
Chippas, whose professional journey includes various leadership positions within the financial services and digital assets industry, is expected to contribute extensive expertise to Argo.
His previous role as CEO of CBOE Digital and as the founder of ErisX, a cryptocurrency trading platform later acquired by CBOE, is particularly noteworthy. CBOE encountered a significant $460 million write-down on this acquisition in 2022, which has raised concerns regarding the venture’s success.
Related Posts
See Also: John Deaton Explains Why SEC Can’t Call Digital Assets Securities
In his capacity as Argo’s CEO, Chippas is set to receive up to 2.85 million units linked to the company’s American Depositary Shares, which will vest over a period of three years.
This compensation, however, is contingent upon his ongoing employment and the attainment of specific performance objectives. Furthermore, the company’s compensation policy permits additional performance share units on the anniversaries of his first and second appointments.
Argo’s choice comes during a challenging period. The company has encountered considerable obstacles, including the resignation of former CEO Peter Wall in February and a troubling false alarm regarding a potential Chapter 11 bankruptcy filing in December of the previous year.
In spite of these challenges, Argo demonstrated resilience by selling its Helios mining facility and obtaining a $35 million loan from Galaxy Digital, followed by raising $7.5 million in an oversubscribed share sale to help reduce its debts.
