Bitmain, the Bitcoin mining giant, is reportedly looking to replace its two founders and co-CEOs with an in-house tech chief, sources told the South China Morning Post.
Bitmain’s Founders Could Be Stepping Aside Ahead of the Company’s IPO
The world’s largest manufacturer of cryptocurrency mining hardware is reportedly looking to replace its top management in a move that left the entire crypto industry surprised.
According to the South China Morning Post, people with knowledge of the matter said that the company has already named a new CEO. The new chief executive will be replacing Bitmain’s founders and co-CEOs Jihan Wu and Micree Zhuan Ketuan.
The new CEO is reportedly Wang Haichao, who held the position of Product Engineer Director in the company. The anonymous sources said Wang had already taken over CEO duties from Wu and Zhan in December 2018. However, no timeline has been given on when the transition period will be over and Wang will officially take over.
Both Bitmain and Wang have remained silent on the issue, despite the fact that the news was first reported at the end of 2018 by local Beijing-based media.
Wu and Zhan will be distancing themselves from Bitmain’s day-to-day operations, the sources said. Nevertheless, they will retain their influence over any major decisions regarding the company. It is still unclear why the duo will be moving away from their positions. It has been reported that the pair disagreed on certain issues as co-CEOs, the South China Morning Post reported, which could explain their decision to appoint a new leader.
Tough Times Ahead for Bitmain’s New CEO
Bitmain’s alleged new CEO will have a tough year ahead,