Bitcoin mining company Bitfarms has appointed Ben Gagnon as its new Chief Executive Officer. This leadership change comes as the company embarks on a strategic review to enhance shareholder value and address ongoing challenges.
Leadership Change and Strategic Focus
On July 8, 2024, Bitfarms announced that insider Ben Gagnon would take the helm as CEO. Gagnon, a long-time executive within the company, brings a wealth of experience to his new role. His primary objective will be to oversee a comprehensive strategic review and navigate the company through turbulent times, including a dispute with its largest shareholder, Riot Platforms.
Riot Platforms’ Takeover Attempt
Riot Platforms, a rival mining firm, has been aggressively acquiring shares of Bitfarms. This move led to a shareholder meeting demand to oust specific board members. In April, Bitfarms rejected Riot’s acquisition offer, deeming it insufficient. The company is now focused on maximizing shareholder value and addressing governance issues.
Strategic Review and Corporate Governance
Bitfarms has launched a dedicated website to highlight and address what it describes as “poor corporate governance practices.” This initiative is part of a broader effort to improve transparency and engage with shareholders more effectively.
