- Bitfarms Ltd. (BITF) CEO Wes Fulford has resigned, effective immediately
- Fulford will be issued shares with a combined value of C$270,000 for services rendered
- Fulford will stay on in a consultant role until a successor is appointed
- Chief Strategy Officer and Director Emiliano Grodzki will be the acting CEO
- Bitfarms Ltd (BITF) is down 25 per cent, with shares trading at $0.38 and a market cap of $40 million
Bitfarms Ltd (TSXV: BITF) has announced its CEO Wes Fulford has stepped down, effectively immediately.
Fulford will remain in a consultant role for a limited period, to assist with the transition.
Fulford has been at the company since March 2018, and has been the driving force behind much of Bitfarms sales and market cap growth.
The company has stated Fulford has left to pursue another professional opportunity.
In the interim, Chief Strategy Officer and Director Emiliano Grodzki has been appointed acting CEO.
Chairman of the Board Nicolas Bonta thanked Wes for his contribution to the company over the past two years.
“Under Wes’ stewardship, Bitfarms has successfully positioned itself as a leader within the North American public markets. We wish him all the best in his future endeavours,” he said.
For his part, Fulford stated he was appreciative of the incredible experience leading Bitfarms Ltd.
“We became the first cryptocurrency company to successfully clear a prospectus with the Ontario Securities Commission, a testament to our operational expertise, governance and transparency.
“In addition, Bitfarms was the only publicly traded blockchain infrastructure company to raise significant capital last year, despite challenging market conditions.
“I look forward to participating in the growth of this business as a supportive shareholder” he said.
As part of his severance package, the company has agreed to issue 500,000 common shares to Fulford for past services rendered and to satisfy some historical entitlements.
These common shares have a deemed value of $0.54 per share, giving Fulford a C$270,000 share package.
Bitfarms Ltd (BITF) is down 25 per cent, with shares trading for $0.38 at 10:03 AM EST.