Argo Blockchain CEO Quits

Updated: 10 February 2023

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What– Argo blockchain Chief Executive Officer and Interim Chairman Peter Wall steps down from his role in the company’s office
Why– Mr. Wall took the bold decision in order to pursue new opportunities
What Next– Seif El-Bakly has been appointed as the interim CEO, as Mr. Wall has agreed to remain as an advisor for the firm in the next three months

We announced today that CEO @PeterGWall has stepped down as CEO/Chairman.

Seif El-Bakly, CFA (COO) has been appointed interim CEO; Matthew Shaw has been appointed Chairman.

We thank Peter for his many achievements and wish him every future success.https://t.co/iPxeeXp7c3

— Argo (@ArgoBlockchain) February 9, 2023

According to a statement from the platform, Peter Wall, the Argo Blockchain CEO, and Interim Chairman, has stepped down from his role in the pursuit of new opportunities. His exit comes barely a week after the resignation of Alex Appleton, the former CFO.

However, the board has appointed Seif-El Bakly as the company’s interim CEO and Matthew Shaw, as the Chairman of the Board. The statement also asserted that Mr. Wall volunteered to serve as an advisor for the next three months to aid in the transition. Mr. Wall has served the company for the past three years.

Argo Blockchain Struggles

The company is among the platforms which might have felt the density of the 2022 bear market. The company reported a negative cash flow by losing over 50% of its stock prices. It also noted declining productivity in December. Additionally, the platform suspended trading activities on Nasdaq, stating that it was to assess crucial information regarding its financial performance. The financial difficulties drove the firm into a financial emergency as it had nearly $80 million in debt. It led to the platform selling its Helios mining facility to Galaxy for $65 million to prevent it from filing for bankruptcy.

Nonetheless, the platform revealed the departure of Argo board Sarah Gow due to health concerns. Gow has been serving the platform since July 2021.

Sarah Gow will be stepping down from her role as non-executive director due to health issues.

Sarah has been a valuable member of the Board since July 2021, and we wish her all the best.

— Argo (@ArgoBlockchain) February 9, 2023

Following Well’s departure, he noted that he is pleased to have led the successful Galaxy deal.

It has been a great privilege to have led the company over the past three years. I am pleased to have led the recent successful Galaxy deal. I thank my colleagues at Argo for their support, dedication, and enthusiasm in driving Argo forward.