Peter Wall is stepping down as Argo Blockchain’s CEO and interim chairman to “pursue other opportunities,” the bitcoin miner announced in a press release today. Seif El-Bakly will serve as Argo’s interim CEO until the company finds a suitable long-term replacement.
Wall Leaves Argo “to Pursue Other Opportunities”
Argo Blockchain CEO and interim chairman, Peter Wall, is stepping down after three years at the company, the bitcoin miner said in a press release on Thursday. Seif El-Bakly will serve as Argo’s interim CEO while Matthew Shaw has been appointed new chairman of the board, the release adds.
“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. I am pleased to have recently led the successful Galaxy deal, and I thank all my colleagues at Argo for their dedication, support, and enthusiasm in driving Argo forward. Onwards and upwards!”
– said Peter Wall.
Wall, who agreed to remain an advisor to the mining firm over the following three months to facilitate the transition, resigned just a week after CFO Alex Appleton stepped down from his role. Like Appleton, Wall said he is leaving Argo to “pursue other opportunities.”
Argo said it would hire an executive search firm to find an appropriate, long-term replacement for Wall. The miner’s shares fell almost 7% in London trading on Thursday.
Argo Facing an Uncertain Future
Wall’s exit adds to the uncertainty surrounding the bitcoin miner, which has had its ups and downs in the past year. The company’s mining profitability declined significantly last summer as surging power prices hiked operating costs at its most extensive facility, Helios.
On a more positive note, the crypto miner struck a $100 million bailout deal with Galaxy Digital shortly after repaying its debt to the investment firm. The deal involved selling Helios to Galaxy for $65 million and a $35 million asset-backed loan from Mike Novogratz’s company.
But last month, Argo took another blow after reports revealed that the bitcoin miner is facing a class-action lawsuit, citing misleading statements issued during the initial public offering (IPO) of its American depositary shares (ADS) in 2021. According to a filing with the U.S. District Court for the Eastern District of New York, Argo failed to disclose that it faced severe capital constraints, as well as electricity and network issues.
This article originally appeared on The Tokenist
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
