- Peter Wall’s resignation comes two days after Galaxy Digital acquired Argo Blockchain.
- Peter Wall will continue to be an advisor to Argo in support of the transition.
- Argo made a series changes to its financial reports in December 2022.
Argo Blockchain, a leading Bitcoin miner, has announced that Peter Wall has resigned from his position as CEO. Following Peter Wall’s announcement earlier today, the company made their announcement via twitter.
Today, we announced that the CEO has been appointed. @PeterGWall As CEO/Chairman, he has resigned.
Seif El Bakly, CFA (COO), has been named interim CEO; Matthew Shaw has taken over as Chairman.
We are thankful for Peter’s many accomplishments and wish him all the best.https://t.co/iPxeeXp7c3
— Argo (@ArgoBlockchain) February 9, 2023
Wall’s resignation is the second resignation of the executive since the company was acquired by Galaxy Digital. Wall will remain as an advisor to the company for three months to assist with the transition.
Following the news, the price of ARGO tokens has increased by around 12%. This is in addition to the bullish trend the token began on February 7.
Sarah Gow, Argo board member, also resigns
Peter Wall’s resignation was announced in the same announcement. Sarah Gow, Argo board member, also resigned due to health reasons.
Alex Appleton, Argo’s chief financial officer (CFO), resigned on February 1. According to a filing with the London Stock Exchange, Appleton stated that he was resigning to “pursue other opportunities.”
Appleton’s resignation coincided with the finalization of the Helios crypto mining facility sale to Galaxy Digital Holdings. Helios was bought for $65 million by Argo to reduce its debts as it searches for ways to avoid Chapter 11 bankruptcy. According to the crypto miner, he had mined fewer bitcoins in December 2022.
Argo also gained compliance with the Nasdaq minimal bid price rule through the acquisition. A lawsuit was filed on January 26 claiming that Argo, its executives, and board members didn’t disclose key information to investors like susceptibility to capital constraints, electricity cost, and network difficulties.
Share this article