Argo Blockchain (ARBK) announced on Thursday that its CEO and interim chairman, Peter Wall, has resigned after three years. The London-based company had a difficult 2022 due to soaring power prices at its biggest site, Helios, where it didn’t have a fixed-rate power agreement. To avoid bankruptcy, Argo sold the Texas facility to Galaxy Digital for $65 million. Wall’s resignation comes after a challenging period for the company, but Argo is now looking to the future and is confident that it can continue to be a leader in the bitcoin mining industry.
ARB, a London-traded company, has seen its shares fall more than 10% to 16.6 pence (20 U.S. cents) as of 08:38 UTC. This follows the announcement that CFO Alex Appleton has resigned and Seif El-Bakly has been appointed interim CEO, with Matthew Shaw taking on the role of chairman of the board. The company is now looking for a permanent CEO to lead the company forward. Investors are watching closely to see how the company will respond to the changes in leadership.
