(Reuters) – Crypto miner Argo Blockchain said on Thursday founder Peter Wall would step down from his position as chief executive officer and interim chairman to “pursue other opportunities”.
Chief Operating Officer Seif El-Bakly has been appointed as interim CEO, effective immediately, while Matthew Shaw will take over as the board chairman.
The struggling crypto miner managed to prevent bankruptcy at the end of last year after agreeing to sell its mining facility Helios and refinance a new asset-backed loan.
The company, which was founded in 2017 by Wall, had been struggling with an increase in costs and pressured margins amid lower bitcoin prices and higher power costs at Helios.
Wall’s departure follows the resignation of Chief Financial Officer Alex Appleton earlier this month.
Argo intends to engage an executive search firm to assist the search for its CEO, the company added.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)
