Aptos (APT) Labs co-founder and CEO Mo Shaikh has announced he is stepping down to focus on a new venture, according to Decrypt. Aptos Labs co-founder and CTO Avery Ching will take over as CEO. Ching said he will "focus on supporting and growing the Aptos builder and community, and expanding Web3 technology innovation to deliver groundbreaking products." Shaikh's departure comes at a time when Aptos is facing increasing competition in the Layer 1 blockchain space. Aptos has been praised for its high transaction throughput and low latency, but it has also been criticized for its lack of decentralization and its high gas fees. Ching's appointment as CEO is likely to be seen as a sign that Aptos is committed to addressing these concerns. Ching has a strong track record in the blockchain industry, and he is well-respected by the Aptos community. It remains to be seen what Shaikh's new venture will be, but it is clear that he is confident in the future of Aptos. In a statement, Shaikh said that he believes "Aptos has the potential to revolutionize the blockchain industry."