ARGO token ticks higher as Peter Wall resigns as CEO of Argo
- Peter Wall resignation is the second after the Argo Blockchain acquisition by Galaxy Digital.
- Peter Wall will remain an adviser to Argo to support the transition.
- Argo has been conducting a series of changes since late December 2022 when it reported insufficient funds.
Leading Bitcoin miner Argo Blockchain has announced that Peter Wall has resigned as CEO. The company made their announcement via Twitter after Peter Wall announced his resignation from his position earlier today.
We announced today that CEO @PeterGWall has stepped down as CEO/Chairman.
Seif El-Bakly, CFA (COO) has been appointed interim CEO; Matthew Shaw has been appointed Chairman.
We thank Peter for his many achievements and wish him every future success.https://t.co/iPxeeXp7c3
— Argo (@ArgoBlockchain) February 9, 2023
Wall’s resignation is the second resignation of the executive since the company was acquired by Galaxy Digital. He will however remain an adviser to the company for the next three months to support the transition.
The price of the ARGO token has risen by about 12% at press time following the news, adding to the bullish trend that the token started on February 7.
Argo board member Sarah Gow also resigns
The same announcement announcing the resignation of Peter Wall also announced the resignation of Argo board member Sarah Gow, which was because of health reasons.
On February 1, Argo lost its chief financial officer (CFO) Alex Appleton through resignation. According to a filing with the London Stock Exchange, Appleton stated that he was resigning to “pursue other opportunities.”
Appleton’s resignation coincided with the finalization of the Helios crypto mining facility sale to Galaxy Digital Holdings. Helios was sold for $65 million to help Argo reduce its debt as it looks for ways to avoid Chapter 11 bankruptcy. The crypto miner reported mining fewer bitcoin in December 2022.
The acquisition also allowed Argo to regain compliance with the Nasdaq minimum bid price rule. However, there is a lawsuit that was filed on January 26 alleging that Argo, some of its executives, and board members did not disclose key information like susceptibility toward capital constraints, electricity costs and network difficulties to investors.