- Cryptocurrency miner Argo Blockchain ( NASDAQ: ARBK ) said on Thursday that founder Peter Wall is stepping down from his positions as CEO and interim chairman to pursue other opportunities.
- Wall has agreed to remain as an advisor to Argo over the next three months to support the transition.
- Chief operating officer Seif El-Bakly has been named interim CEO, while Matthew Shaw has been been appointed chairman of the board.
- Wall's departure follows the resignation of CFO Alex Appleton earlier this month. The firm plans to engage an executive search firm to find a new CEO.
- Founded in 2017, Argo Blockchain ( ARBK ) has been grappling with rising costs and pressured margins amid higher power costs at its Helios mining facility and lower bitcoin prices.
- Shares of the crypto miner are down around 4% in Thursday's premarket session, but have plunged 81% over the past year
- Dive into the firm's January operational update
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Argo Blockchain founder Peter Wall to step down as CEO