Report: Bitmain Poised to Employ Tech Chief as New CEO

Article by · January 10, 2019 ·

An existing executive may soon be appointed by cryptocurrency mining giant, Bitmain to head the industry as its new CEO.

According to a report from South China Morning Post, people with “knowledge of the matter” cited noted Thursday that the “potential successor” of the industry’s present co-CEOs Jihan Wu and Micree Zhan is Haichao Wang, who is at present the Bitmain’s director of product engineering.

Some of the leadership duties have already been taken over by Wang, whereas it is expected that Wu and Zhan will remain as chairmen and have the “final call” in the bigger decisions regarding the firm, the report stated.

According to a report in November, Wu was removed from the board of BitMain Technologies Holding Company, presently, the industry is considering to go public on the Hong Kong Stock Exchange (HKEX).

However, a Bitmain representative at that period denied the alteration of the board, stating while responding to an inquiry that: “There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with the co-chief executive officer, Micree Zhan.”

Bitmain is still waiting for the approval of the application is submitted in September last year for its initial public offering (IPO) by the Hong Kong Stock Exchange’s (HKEX). However, the HKEX is clearly taking time to approve the application. A person involved in the talks stated in the previous month that the exchange is “very hesitant to actually approve these bitcoin mining companies because the industry is so volatile.”

A number of business changes, such as layoffs are being observed by the mining giant. According to a report, over 50 percent of the whole staff of Bitmain was requested to quit. The layoffs were confirmed by an employee of Bitmain at that period, however, stated that “it’s hard to calculate a precise percentage at this stage.”

    Leave a comment