Bitfarms, a Bitcoin data center company, has announced the appointment of Ben Gagnon as Chief Executive Officer, effective immediately. Before that, Gagnon was the Chief Mining Officer at Hut 8, giving him vast Bitcoin mining experience.
Nicolas Bonta, the Chairman of the Board of Directors, assured confidence in the leadership of Gagnon. ”Ben is a seasoned leader with experience in Bitcoin mining, and we are thrilled to appoint someone of his caliber as the Company’s next CEO,” Bonta said.
According to the report, Gagnon also said that he was looking forward to the new position, noting that, “I am honored to be appointed CEO and am excited for the opportunity to lead and work alongside such a talented team.”
Internal Challenges
Gagnon was appointed at a time when the organization had experienced some leadership transition challenges. Geoff Morphy, the previous CEO, got his exit move up following a lawsuit on breach of contract and wrongful dismissal which Bitfarms deemed as “wholly without merit”.
A move to appoint Gagnon as the new CEO in an effort to calm down the investors and stabilize the company.
Edie Hofmeister, Chair of the Independent Search Committee, added that Gagnon had contributed greatly to the company while he was serving as Chief Mining Officer. He stated, “We look forward to benefiting from his leadership as we continue to capitalize on growth opportunities and further global expansion with an emphasis on the U.S.”
Strategic Alternatives
Bitfarms is currently reviewing its strategic alternatives and navigating a dispute with its largest shareholder, Riot Platforms. Riot’s $950 million offer was rebuffed by Bitfarms, which adopted a “poison pill” strategy to prevent a hostile takeover. Riot has since withdrawn its offer but is seeking three board seats at Bitfarms.
Gagnon has been with Bitfarms since 2019, and during his time there, he has helped every department within the company. He has an M.Sc in astrophysics from Hong Kong University in Internet Computing and a B. Sc. Economic Consulting and International Business from the Kelley School of Business at Indiana University.
Besides, he is the co-chair of the Canadian Blockchain Consortium Mining Committee and a lead analyst at the Bitcoin Mining Council.
Also Read: Riot Platform Launches New Website abetterbitfarms.com
