The Argo Blockchain PLC (LON: ARB) share price plunged 17.3% after announcing that its CEO, Peter Wall, was immediately stepping down from his position. Investors reacted negatively to the announcement, given Peter’s long history with the company.
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The Bitcoin miner’s board appointed Seif El-Bakly, CFA, the current Chief Operating Officer (COO), as Interim CEO. Argo blockchain has also enlisted the services of an executive search firm to help it find the next CEO. Mr Wall will keep working with the firm as an advisor for the next three months to help with the transition process.
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Argo Blockchain shares fell for the second day in a row after the company released an update about its January operations yesterday, triggering a move lower that saw the shares close down 10.63%. Mr Wall resigned from his role as Argo’s interim Chairman.
The company appointed Matthew Shaw as its board chairman, separating the role of Chairman from that of CEO, given that Peter Wall had held both roles before his resignation.
The company also revealed that Mrs Sarah Gow has resigned from her position as a non-executive director on the Board due to health reasons.
Matthew Shaw, Argo Blockchain’s Chairman, said: “Peter has created a strong foundation for Argo, which is a confident organisation full of talented people, aligned behind a clear strategy and focused on delivering profitable growth and market share gains. On behalf of the Board and everyone at Argo, I would like to thank Peter for his many achievements and wish him every future success.”
Peter Wall, the Outgoing CEO, said: “It has been a great privilege to have led Argo Blockchain over the past three years. It has been quite a journey, and we have come a long way. I am pleased to have recently led the successful Galaxy deal, and I thank all my colleagues at Argo for their dedication, support, and enthusiasm in driving Argo forward. Onwards and upwards!”
Argo is at an inflection point, and I am interested in the company's changes to ensure that it thrives in future.
*This is not investment advice.
The Argo Blockchain share price chart.
The Argo Blockchain share price plunged 17.26% to trade at 15.24p, from Wednesday’s closing price of 17.87p.
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