By Bitmain, the cryptocurrency mining tycoon could be looking to appoint one of their existing executives to leave the company as the new CEO.
A report from the South China Morning Post cited sources with “knowledge of the matter” stating that “potential successor” of the company’s current CEO’s Jihan Wu & Micree Zhan is none other than Bitmain’s director of product engineering – Haichao Wang.
As of the time of press, Wang had already assumed some of the leadership duties with Wu & Zhan both expected to stay on as chairmen, and both will have the “final call” in any significant decisions brought forward to the firm as per the report.
Last year November, it was reported that Wu had been forced out from the Bitmain Technologies Holding Company’s board, the company which is currently looking at going public on the Hong Kong Stock Exchange (HKEX).
However, at the time, a Bitmain representative denied this board change stating:
“There have been no board departures, and co-founder Jihan Wu will continue to lead the company as co-chair, together with co-chief executive officer, Micree Zhan.”
Currently, Bitmain still awaits approval from the Hong Kong Stock Exchange for its initial public offering (IPO) application which was filed back last year in September. It must be noted that the HKEX is allegedly reluctant to approve their bid. Just last month, a source told publications that the exchange is “very hesitant to actually approve these bitcoin mining companies because the industry is so volatile.”
Bitmain is also currently going through many changes to their business, which includes retrenchments. Last month, it was reported that more than 50% of Bitmain’s staff were asked to leave the company.
Could the possible appointment of Bitmain’s tech chief as CEO be the right move for the company? Let us know your thoughts by commenting below.
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