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Bitfarms Appoints New CEO Amidst Riot's Intensifying Takeover Attempt

Bitfarms Appoints New CEO Amidst Riot's Intensifying Takeover Attempt

Jul 9, 2024
Bitcoin Mining

Bitfarms Appoints New CEO Amidst Riot's Intensifying Takeover Attempt

In a strategic move amidst an intensifying takeover battle, Bitfarms has elevated its Chief Mining Officer, Ben Gagnon, to the position of Chief Executive Officer. The appointment, effective immediately, was announced on Monday and is an attempt to strengthen the company's leadership amid Riot Platform's escalating takeover efforts.

Ben Gagnon, who began his tenure at Bitfarms in 2019 as Director of Business Development, has been a key figure in the company's growth. "Over the last five years, Ben has been a vital member of the Bitfarms leadership team," said Nicolas Bonta, Chairman of the Bitfarms Board, in a press release. Bonta praised Gagnon's contributions to the company's expansion and his role in driving organic growth.

This executive transition comes after Bitfarms terminated the position of former President and CEO Geoffrey Morphy earlier this year, following a contentious dispute involving allegations of breach of contract and a substantial financial claim against the company.

Simultaneously, Bitfarms has been fending off a hostile takeover attempt by Riot Platforms, which currently holds 14.9% of Bitfarms' outstanding shares. Riot has been actively campaigning for a change in Bitfarms' leadership, launching a website called "A Better Bitfarms" to highlight issues it perceives with the company's corporate governance.

Riot's push for change includes a request for a special shareholder meeting to vote on the removal of certain Bitfarms board directors and to endorse Riot's own nominees for those positions. This comes as Riot continues to increase its stake in the company, seeking greater control over Bitfarms' operations.

Ben Gagnon expressed his enthusiasm for his new role in a social media post, stating, "I am thrilled to be the new CEO of @Bitfarms_io. This has been my personal ambition for many years and it has become a reality. I am honored to take on this responsibility and to have this opportunity to lead this incredible team at this amazing point in time."

TheMinerMag Article

Bitfarms Press Release


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