Kraken, a prominent cryptocurrency exchange, has announced that Jesse Powell, current chief executive officer (CEO) and co-founder of the firm, will be stepping down from his position after over a decade of successfully managing the company’s operations.
Dave Ripley, who now serves as Kraken’s chief operating officer (COO), will take over as the company’s new CEO, as stated in a press release that was issued on August 21, 2022. As soon as the company hires a new COO, Ripley will move up to the post of CEO.
Powell will serve as chairman of the boards of directors for Kraken
In the meanwhile, Powell, who is Kraken’s largest shareholder, will continue to serve as chairman of the board of directors for the company. Ripley was selected as a suitable replacement after the exchange conducted a search after the co-founder took the decision to step down more than a year ago. According to a statement made by the former leader of the Kraken:
“Dave’s proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time on the company’s products, user experience and broader industry advocacy.”
Powell had a discussion in June with certain employees who looked to be more concerned with “minor slights and first world problems” than they were with prioritizing the company’s mission. The manager of Kraken stated that employees who were dissatisfied with their work had the option to leave the company.
This is yet another change in leadership at crypto-related companies that has occurred over the course of the last several months. The departure of Powell follows the recent exits of Michael Moro of Genesis and Michael Saylor of MicroStrategy.
Moreover, several companies have announced their staff cut-down plans in the last few months, which include big names like Coinbase and Crypto.com.