Peter Wall, Chief Executive Officer (CEO) and acting chairman of Argo Blockchain have announced his plans to step down from his position in the Bitcoin (BTC) mining firm. Explicitly, Wall claims that he is moving on to pursue other opportunities.
Notably, the crypto miner co-founder served as CEO of the firm for more than three years before finally announcing his exit on Thursday.
Before climbing the ladder to that peak position, Wall served as Vice President of Operations at Argo Blockchain. While serving as CEO in 2017, the mining company’s revenue rose by almost 291% giving a value of £74 million which was equivalent to $100 million at the time.
Argo Blockchain’s EBITDA surged by 594% to £53 million ($71 million) resulting in an income of £31 million ($42 million).
This is not to say that Argo Blockchain has not faced financial crises under Wall’s leadership. At some point last year, the crypto miner was on the verge of experiencing a negative financial cash flow which threatened the continuity of its operation. During that time, Argo Blockchain could not invest in a particular venture as intended.
COO of Argo Blockchain Takes Over as Interim CEO
Wall has agreed to spend the next three months as an advisor to the company to ensure a smooth transition. To continue in his stead, Argo Blockchain Chief Operating Officer (COO) Seif El-Bakly has been appointed as Interim CEO.
The search for a permanent CEO will continue while Matthew Shaw will take the position of Board Chairman.
“Peter has created a strong foundation for Argo which is a confident organisation full of talented people, aligned behind a clear strategy and focused on delivering profitable growth and market share gains. On behalf of the Board and everyone at Argo, I would like to thank Peter for his many achievements and wish him every future success,” Shaw said.
Meanwhile, Peter Wall’s resignation comes right after the firm was charged with a joint class lawsuit for making false and misleading statements during its Initial Coin Offering (ICO) which was held in September 2021. The UK-based crypto mining platform also recently sold its Helios facility to Galaxy Digital holdings to offset its debt.
