Argo Blockchain CEO Follows CFO in Stepping Down

Peter Wall will no longer be at the helm of Argo, while Seif El-Bakly will serve as Interim CEO.

The leading cryptocurrency miner – Argo Blockchain – announced that its CEO Peter Wall will step down from his post.

The company lost its CFO – Alex Appleton – less than a week ago.

Another Argo Exec Resigns
According to a company’s announcement, Peter Wall will depart Argo Blockchain after serving as its Chief Executive Officer for three years. He described his stay there as a “great privilege” and thanked all his colleagues for their support and dedication:“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!”

The firm appointed Seif El-Bakly as Interim CEO, while Matthew Shaw will become Chairman of the Board. The latter commented:“Peter has created a strong foundation for Argo, which is a confident organization 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.”

The miner previously disclosed the departure of its CFO and Executive Director – Alex Appleton. The British, who will focus on opportunities different from the cryptocurrency industry, said he was proud of his achievements over the last years and wished his former colleagues “all the best.”

Argo’s Recent Problems
The last several months have been quite unpleasant for the organization. It agreed to sell its Helios facility to Galaxy Digital for $65 million towards the end of 2022 and thus avoid filing for bankruptcy protection. Argo will remain the owner of the machinery, while Mike Novogratz’s entity will host the mining fleet.

A severe winter storm that passed through Texas around Christmas crippled the production levels in December, and the firm mined only 147 BTC, 25% less than in November.

Argo was also slapped with a lawsuit at the end of January by a group of investors. They claimed the company’s “wrongful acts and omissions” in 2021 prompted a “precipitous decline” in its American depositary shares (ADS), leading to painful losses for consumers.