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Seeking Alpha 2023-02-09 11:22:18

Argo Blockchain founder Peter Wall to step down as CEO

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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