Argo Blockchain CEO Resigns - InsideBitcoins.com

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WhatArgo Blockchain CEO and Interim Chairman Peter Wall is stepping down from his role at the corporate office
Why– Mr. Wall made the bold decision to pursue new opportunities
What then– Saif Al-Baqli was appointed as the interim CEO, whereby A. Wall has agreed to stay on as a consultant to the company for the next three months

Today we announced that the CEO @employee Resigned as CEO/Chairman of the Board.

Saif Al-Baqli, CFA (COO) appointed Interim Chief Executive Officer; Matthew Shaw has been appointed Chairman of the Board.

We thank Peter for his many accomplishments and wish him every success in the future.

– Argo (ArgoBlockchain) February 9, 2023

According to a statement from the platform, Peter Wall, CEO of Argo Blockchain, and interim president, has resigned from his role to pursue new opportunities. His exit comes a week after former CFO Alex Appleton resigned.

However, the Board of Directors has appointed Saif Al-Bakli as interim CEO of the company and Matthew Shaw as Chairman of the Board. The statement also confirmed that mr. Wall volunteered to act as a counselor for the next three months to help with the transition. Mr. Wal has served the company for the past three years.

Argo Blockchain Struggle

The company is among the platforms that may have felt the intensity of the 2022 bear market. The company reported negative cash flow with a loss of more than 50% of its stock price. I also noticed lower productivity in December. In addition, the platform suspended trading activities on the Nasdaq Stock Exchange, stating that it aims to evaluate important information related to its financial performance. Financial difficulties drove the company into a financial emergency as it was nearly $80 million in debt. This led to the platform selling its Helios mining facility to Galaxy for $65 million to prevent it from filing for bankruptcy.

However, the platform revealed Sara Gao’s departure from Argo due to health concerns. Gow has been serving the platform since July 2021.

Sarah Gao will step down from her role as a non-executive director due to health issues.

Sarah has been a valued member of the Board since July 2021, and we wish her all the best.

– Argo (ArgoBlockchain) February 9, 2023

After Well’s departure, he indicated that he was happy to lead the successful Galaxy deal.

It has been a great privilege to lead the company for the past three years. I’m happy to lead the recent successful Galaxy deal. I thank my colleagues at Argo for their support, dedication, and enthusiasm in driving Argo forward.