TL;DR
Mo Shaikh, co-founder of Aptos Labs, resigns as CEO but will continue as the company’s strategic advisor.
The CEO position will be taken over by Avery Ching, co-founder and CTO of APT, to lead the company’s next phase of growth.
After Shaikh’s departure, the APT token experienced a 12.4% drop, reaching $10.75, in a context of high market volatility.
Mo Shaikh, one of the co-founders of Aptos Labs, has announced his resignation as CEO of the company, although he will remain involved with the company as a strategic advisor.
In a message shared on the social network X, Shaikh explained that his decision was driven by his desire to start a “new chapter” in his professional life. Despite stepping down from the executive leadership, he made it clear that he remains committed to Aptos, stating that he will continue to support the company in his new role.
Shaikh mentioned that he plans to take some time to reflect on the future of financial systems and think about how to continue driving Aptos, which has established itself as one of the most important Layer 1 blockchains in the industry. Throughout his message, he also addressed his passion for creating new projects, as he did with APT, from its conception to its implementation.
The CEO position will be taken over by Avery Ching, co-founder and CTO of Aptos, who will be responsible for leading the company in this new phase of growth. Shaikh expressed his full confidence in Ching and the APT team, assuring that the talent and dedication of the group will continue to guide the company towards success.
Aptos, which is distinguished by its use of the Move programming language, originally created for Facebook’s Diem project, has received support from investors and strategic partners, including giants like Google, Microsoft, a16z, Coinbase, MasterCard, and PayPal. Recently, the company has made significant strides in initiatives to improve interoperability across platforms and facilitate transfers between various networks.
The Hard Impact of Shaikh’s Resignation on Aptos (APT)
After Shaikh’s departure, Aptos’ token, APT, experienced a sharp decline in its price, dropping 12.4%, settling at $10.75. Despite the negative short-term reaction, it is important to note that the market is in a period of high volatility, which could be contributing to exacerbating the token’s plunge. Although Shaikh’s resignation was unexpected, it does not seem to jeopardize the stability of Aptos
