London Stock Exchange and Nasdaq-listed Argo Blockchain, a Bitcoin mining and technology firm, has swiftly appointed Thomas Chippas as its new CEO and Director. This move comes into effect immediately.
In line with his new role, Chippas stands to gain up to 2.85 million units linked to Argo’s American Depositary Shares over a three-year span. However, this is subject to sustained employment and meeting specific performance benchmarks, as per a company statement.
Chippas, based in New York, brings a wealth of experience in digital assets and financial services to Argo. Formerly the CEO of CBOE Digital and a board member, he also founded and led the crypto trading platform ErisX, acquired by CBOE during the peak of the bull market in October 2021, resulting in a reported $460 million write-down in 2022.
Prior to joining Argo, Chippas held key positions, including CEO of Citadel Technology, COO of Axoni, and Managing Director roles at Citigroup, Barclays, and Deutsche Bank.
Argo Chairman Matthew Shaw expressed confidence in Chippas, stating, “Tom is a proven technology and financial leader who will work with the Argo leadership team to drive operational excellence and stakeholder value.”
Chippas remarked on the accelerating innovation in the Bitcoin mining sector, emphasizing the importance of efficiency and capacity in anticipation of Bitcoin halving and beyond. He looks forward to collaborating with the Argo team to explore upcoming opportunities.
The board also disclosed plans to award additional performance share units to Chippas on the first and second anniversaries of his appointment, adhering to the company’s approved remuneration policy and authority to issue new securities.
In pre-market activity, Argo’s American Depositary Shares are currently trading at $1.17, according to TradingView.
This leadership change comes against the backdrop of challenges at Argo. Former CEO and interim Chairman Peter Wall stepped down in February, with COO Seif El-Bakly assuming an interim role. In December 2022, Argo inadvertently unsettled the market by mistakenly publishing drafts hinting at Chapter 11 bankruptcy.
Despite these hurdles, Argo sold its Helios mining facility to Galaxy Digital for $65 million and secured a $35 million loan from the same company. The firm proceeded to raise $7.5 million through an oversubscribed share sale in July, with plans to retire its debt.