The Argo Blockchain PLC (LON: ARB) share price edged 2.58% lower after announcing the appointment of Jim MacCallum as the company’s new Chief Financial Officer (CFO). Jim will start in the new role tomorrow, 5 April 2023, but will not be a statutory director of the company.
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Mr MacCallum is a Chartered Financial Analyst (CFA) and a Certified Public Accountant (CPA) with over 30 years of experience across multiple roles in finance and accounting. He is the current Chief Financial Officer (CFO) of East Side Games Group Inc (XTSE: EAGR), a Canadian mobile game platform company.
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His previous role was Senior Vice President of Finance and Acting CFO at Westport Fuel Systems Inc (NASDAQ: WPRT; XTSE: WPRT). The clean transportation technology company is dual-listed on the Nasdaq and the Toronto Stock Exchange in Canada.
MacCallum has also been a senior executive at Absolute Software, Amica Mature Lifestyles and Cisco Systems. He was a trainee accountant at KPMG and completed Harvard Business School’s Advanced Management Program.
Argo Blockchain also released its March operations update, where it mined 161 Bitcoin or Bitcoin Equivalents (BTC), or 5.2 BTC per day. The daily BTC mining rate decreased by 10% from the 5.7 BTC per day produced in February 2023.
The main reason for the decline in daily BTC production was the surge in network difficulty. In March, the average network difficulty was 11% higher than in February. The company held 85 BTC at the end of March.
Argo’s mining revenues in March were $4.05 million [£3.28 million], slightly increasing from February’s $3.76 million [£3.09 million].
Argo’s Interim CEO, Seif El-Bakly, said: “With over 30 years of experience, Jim brings a wealth of finance and accounting knowledge to Argo, and I am excited for him to drive our financial discipline as we seek to deliver long-term value to our shareholders.”
Upon his appointment, Mr MacCallum said: “I am delighted to be joining Argo Blockchain, a dynamic and innovative company with a rich history and exciting future. I look forward to contributing to the success of the Company through a strong focus on financial discipline.”
*This is not investment advice.
Argo Blockchain share price.
The Argo Blockchain share price edged 2.58% lower to trade at 13.249p, from Monday’s closing price of 13.600p.
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