London Stock Exchange and Nasdaq-listed Bitcoin mining and technology company Argo Blockchain has appointed Thomas Chippas as its new CEO and Director, effective immediately.
Following the appointment, Chiapas can receive up to 2.85 million units relating to Argo’s American Depositary Shares vested over three years, contingent upon continued employment and meeting specific performance criteria, according to a statement.
Based in New York, Chippas brings extensive experience in digital assets and financial services to Argo. He was most recently CEO of CBOE Digital and a former member of its board of directors. He was also the founder and CEO of the crypto trading platform ErisX, acquired by CBOE at the height of the bull market in October 2021. CBOE subsequently reported a $460 million write-down on the acquisition in 2022.
Argo’s new CEO was previously CEO of Citadel Technology, COO of Axoni, and a Managing Director at Citigroup, Barclays, and Deutsche Bank.
“Tom is a proven technology and financial leader who will work with the Argo leadership team to drive operational excellence and stakeholder value,” Argo Chairman Matthew Shaw said.
“The pace of innovation in the Bitcoin mining industry continues to increase as miners seek ever greater efficiency and capacity in preparation for the Bitcoin halving and beyond,” Chiapas said. “Together with the Argo team, I look forward to pursuing the opportunities ahead.”
Argo’s board said it also plans to grant additional performance share units to Chiapas on his appointment’s first and second anniversaries, by the firm’s shareholder-approved remuneration policy and its authority to issue new securities.
Argo’s American Depositary Shares are currently trading at $1.17 in pre-market activity, according to TradingView.
Changing of the guard amid troubles at Argo
Former Argo CEO and interim Chairman Peter Wall stepped down in February to “pursue other opportunities.” COO Seif El-Bakly took over temporarily, and Wall agreed to remain an advisor to Argo to support the transition. Matthew Shaw was appointed Chairman at the same time.
In December 2022, Argo panicked the market by accidentally publishing drafts of posts that said it would file for Chapter 11 bankruptcy protection. Argo sold its Helios mining facility to Mike Novogratz’s Galaxy Digital for $65 million in the same month. It took a $35 million loan from the company, ramping up its bitcoin mining activity in January.
Argo subsequently netted $7.5 million in an oversubscribed share sale in July, with plans to pay off its debt.