- Ben Gagnon, Bitfarms’ Chief Mining Officer, will be leading the firm as CEO.
- The promotion follows the departure of former CEO Geoff Morphy.
Bitfarms, a Bitcoin mining firm based in Canada, has named Ben Gagnon as its new chief executive officer (CEO) amidst ongoing rivalry with Riot Platforms, Ltd. Given Bitfarms’ present struggle for power with Riot Platforms, this leadership transition is very crucial.
Starting today, Ben Gagnon, who had previously been Bitfarms’ Chief Mining Officer, will be leading the firm as CEO. As the company seeks to fortify its defenses against hostile takeover attempts by Riot Platforms, his rise is a component of a larger strategic move.
Moreover, having worked for over a decade in the Bitcoin mining sector, Gagnon became the Chief Mining Officer at Bitfarms. His promotion follows the departure of former CEO Geoff Morphy, who left on a less than flattering note following a contentious court fight over his removal.
Strategic Leadership Shift
Furthermore, Bitfarms’ Independent Search Committee Chair Edie Hofmeister noted that Gagnon’s background in mining and involvement in the company’s expansion plan make him an ideal candidate to head the business.
The board of directors is of the opinion that Bitfarms will greatly benefit from his leadership as the company expands its operations, particularly in the US, and explores new opportunities in high-performance computing and AI.
The animosity between Bitfarms and Riot Platforms has escalated, and Riot has lately launched an online campaign criticizing Bitfarms’ leadership and tactics, setting the stage for this leadership shift. Bitfarms rejected Riot’s aggressive takeover bid in early June, which offered around $950 million in total stock value.
Moreover, after Bitfarms’ share buy-back plan was put in place in response to the takeover threat, Riot rethought its position and sought a reorganization of Bitfarms’ board of directors.
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