Bitcoin miner, Bitfarms has elevated Ben Gagnon to the role of its chief executive officer effective immediately. The company announced on Monday the appointment of a new leader who will oversee the companyâs strategic review.
Also read: Riot seeks board influence at Bitfarms after failed $950M takeover bid
Gagnon, formerly the chief mining officer of a Canadian Bitcoin data center company, is also expected to oversee and navigate through the obtaining dispute with Riot Platforms, Bitfarmsâ biggest shareholders.
Ben Gagnon to steer the firmâs diversity plans
Gagnonâs elevation comes months after the companyâs plans for a smooth leadership transition after former CEO Geoff Morphyâs departure was announced in March. Morphy was, however, to remain in his role while the company looked for a replacement, although Bitfarms âacceleratedâ his termination in May.
Speaking of the new CEO, Bitfarms expressed confidence in Gagnonâs capabilities to be at the companyâs helm. âBen is a seasoned leader with significant experience in Bitcoin mining, and we are thrilled to appoint someone of his caliber as the companyâs next CEO,â said Nicolas Bonta, chairman of the board of directors.
âOver the last five years, Ben has been a vital member of the Bitfarms leadership and been instrumental in positioning the company to drive organic growth and capture a greater share of the global demand for Bitcoin,â Bonta added.
The company is upbeat about its new leadership in steering the company as it pursues expansion and diversification into other areas such as energy generation, high-performance computing for AI, heat recycling, and energy trading.
Bitfarms is currently in a dispute with Riot Platform. The company rejected Riotâs $950 million offer, arguing it âundervalued the company and adopted a âpoison pillâ to fend off a hostile takeover.â According to Reuters, Riot withdrew the offer but wants three board seats at Bitfarms.
I am thrilled to be the new CEO of @Bitfarms_io.
This has been my personal ambition for many years and it has become a reality.
I am honoured to take on this responsibility and to have this opportunity to lead this incredible team at this amazing point in time.
Letâs go $BITF https://t.co/cZiFLatC2y
â Hashoveride (âżen Gagnon) (@hashoveride) July 8, 2024
Bitfarms to leverage Gagnonâs experience
Gagnon started his career at Bitfarms in 2019 as director of business development before his elevation to the post of director of mining operations in 2020 and chief mining officer in 2021.
According to the company, in these various roles at Bitfarms, Gagnon has been instrumental in steering mining strategy and operations, mine portfolio management, growth strategies, and evaluation and integration of new technologies.
Also read: Bitfarms CEO steps down amid intensifying legal dispute
Commenting on his new role, Gagnon said: âThis has been a transformational year for the company, and I am encouraged about the future as we begin planning and implementing strategies for the 2028 halving event.â
According to a Reuters report, this appointment could help reassure investors in Bitfarms as Gagnon has âprevious experience as CEO.â
Before joining Bitfarms, he started and operated two Bitcoin mining firms where he was the CEO, chief mining officer, and chief technology officer.
Cryptopolitan reporting by Enacy Mapakame