Bitcoin mining agency Bitfarms has introduced leadership changes amid ongoing regulatory and takeover deliver challenges.
Canadian public Bitcoin mining agency Bitfarms disclosed updates to its board of administrators and govt team because it navigates ongoing regulatory challenges and a most modern takeover deliver from Come up Platforms.
In an Aug. 13 press begin, the Toronto-headquartered agency said that Ben Gagnon, at this time serving as its CEO, has been appointed to the board of administrators, effective straight. Moreover, Brian Howlett, Bitfarms’ lead director, has been named self reliant chairman of the board, succeeding Nicolas Bonta, who co-primarily based Bitfarms and guided its expansion.
Following the appointment, Bonta “has determined to step down from the Board, moreover effective straight,” the press begin reads. The board will now encompass 5 individuals, with four being self reliant.
Bitfarms appoints new COO
Amid the team reorganization, Bitfarms introduced the appointment of Liam Wilson as chief running officer, effective Aug. 26. Wilson, with over two decades of trip, will play a “serious role in developing and refining our operational procedures and programs with the goal of bettering efficiencies,” Gagnon said.
The leadership updates attain amid most modern regulatory traits as the Ontario Capital Markets Tribunal now not too prolonged within the past nullified Bitfarms’ initial “poison pill” shareholder rights notion, which used to be implemented in response to a takeover deliver from its U.S. competitor, Come up Platforms.
Come up Platforms’ CEO Jason Les criticized the notion as a sign of incorrect company governance. In response, Bitfarms has introduced a brand new rights notion designed to offer protection to in opposition to slack acquisition attempts and like certain equitable treatment of shareholders.
Earlier this yr, Come up Platforms proposed a $950 million acquisition of Bitfarms, however withdrew the offer following unsuccessful merger discussions with Bitfarms’ board.
