“Bitfarms Appoints New CEO Amid Strategic Review”, Bitfarms, a prominent Bitcoin mining company, has chosen Ben Gagnon, an insider with extensive industry experience, as its new CEO. Gagnon’s appointment comes at a critical juncture as Bitfarms embarks on a strategic review to optimize its operations and navigate challenges, including a dispute with Riot Platforms, its largest shareholder. The company aims to leverage Gagnon’s leadership to strengthen its position in the competitive cryptocurrency mining sector and address shareholder concerns effectively.
Gagnon’s promotion follows months of upheaval at Bitfarms, where plans for a seamless leadership transition faltered. Former CEO Geoff Morphy, whose departure was announced in March, was intended to stay on until a successor was found, but challenges arose during the process.
But the company accelerated his termination in May, days after he filed a lawsuit claiming $27 million in damages for breach of contract and wrongful dismissal. Bitfarms said the claims were “without merit”.
Gagnon’s appointment could help reassure investors of Bitfarms as he has previous experience as CEO. Most recently Bitfarms’ chief mining officer, Gagnon founded and operated two bitcoin miners prior to joining the company in 2019.
He has also worked intimately with every department in Bitfarms, the company said on Monday.
The company has been evaluating its strategic options and is in conflict with its largest shareholder, Riot.
Bitfarms rebuffed Riot’s $950 million offer saying it undervalued the company and adopted a “poison pill” to fend off a hostile takeover.
Riot withdrew the offer but is seeking three board seats at Bitfarms. It has said it is “ready to engage” with the company’s reconstituted board about a potential transaction.
