Bitcoin mining company Bitfarms has announced leadership changes amid regulatory challenges and ongoing takeover bids.
Canadian public Bitcoin mining company Bitfarms has released updates to its board of directors and management team as it faces ongoing regulatory challenges and a recent takeover bid from Riot Platforms.
In an August 13 press release, the Toronto-based company announced that Ben Gagnon, currently CEO, has been appointed to the board of directors, effective immediately. Additionally, Brian Howlett, Bitfarms’ principal, has been appointed independent chair of the board, succeeding Nicolas Bonta, who co-founded Bitfarms and guided its expansion.
Following this appointment, Bonta “has decided to step down from the board of directors, also with immediate effect,” the press release reads. The board of directors will now consist of five members, four of whom are independent.
Bitfarms Appoints New COO
As part of the team reorganization, Bitfarms announced the appointment of Liam Wilson as chief operating officer, effective August 26. Wilson, with more than 20 years of experience, will play a “critical role in developing and refining our operational procedures and systems to improve efficiency,” Gagnon said.
The management updates come amid recent regulatory developments, with the Ontario Financial Markets Tribunal recently striking down Bitfarms’ initial “poison pill” shareholder rights plan, which was implemented in response to a takeover bid by U.S. rival Riot Platforms.
Riot Platforms CEO Jason Les criticized the plan as a sign of poor corporate governance. In response, Bitfarms implemented a new rights plan designed to protect against takeover attempts and ensure fair treatment of shareholders.
Earlier this year, Riot Platforms proposed a $950 million acquisition of Bitfarms, but withdrew the offer following unsuccessful merger discussions with Bitfarms’ board.
