Riot Platforms is putting a lot of pressure on Bitfarms, which is causing a big change in leadership. Nicolas Bonta has chosen to step down after being CEO and board member for a short time. Riot Platforms is still trying to take over Bitfarms. It had already offered a $950 million buyout and increased its stake in the company significantly.
The CEO of the company, Ben Gagnon, was recently named to the board of directors by Bitfarms. Brian Howlett was also named as the new independent chairman. Along with changes to the management team, Bonta’s departure from the board is part of a bigger shakeup.
The new chairman, Brian Howlett, said that he agreed with Bont that the new leadership team would do a great job of running the business. Bonta himself said that stepping down was the right thing to do for the company to keep growing, and he supported Gagnon and Howlett’s leadership.
Bitfarms has also changed the people on its board and named Liam Wilson as its new Chief Operating Officer, starting August 26, 2024. Wilson has a lot of experience in the US energy business and will focus on making things run more smoothly. Bitfarm made this hire as part of a larger plan to strengthen its top team and help its growth goals.
The company’s efforts to restructure are also related to its ongoing disagreements with Riot Platforms, which has been critical of Bitfarms’ corporate governance. Because Riot wants to change a number of board members, including Bonta, Bitfarms’ leadership is being looked at more closely. Riot has set October 29 as the date of the vote to choose the new board members.
Bitfarms is still committed to its growth strategy and operational excellence as it deals with these changes. It wants to improve its place in the competitive crypto mining industry.
