London Stock Exchange and Nasdaq-listed Argo Blockchain announced the appointment of Thomas Chippas as its new CEO and Director, effective immediately. This move comes as Argo Blockchain continues to navigate the dynamic landscape of cryptocurrency mining and digital asset management.
Thomas Chippas steps into the role with a wealth of experience as he formerly held the CEO position at CBOE Digital and was a member of the platform’s board of directors. His expertise was further solidified as the founder and CEO of the crypto trading platform ErisX, which CBOE acquired in October 2021.
Chippas’ Expertise and Future Prospects
Chippas’ appointment aligns with Argo Blockchain’s growth trajectory and commitment to boosting innovation in the Bitcoin mining sector. His background includes notable roles as CEO of Citadel Technology, COO of Axoni, and Managing Director at Citigroup and Barclays.
Chippas will be eligible to receive up to 2.85 million units related to Argo’s American Depositary Shares. These will be vested over three years, subject to his continued employment and fulfillment of certain performance criteria. Argo’s board also plans to grant additional performance share units to Chippas on the first and second anniversaries of his appointment, adhering to the firm’s shareholder-approved remuneration policy.
Argo Blockchain’s decision to bring Chippas on board follows a series of strategic steps the company has taken in response to recent challenges. Earlier in February, former CEO and interim Chairman Peter Wall stepped down, with COO Seif El-Bakly assuming the interim role. This transition period also saw Matthew Shaw appointed as Chairman.
The company faced a turbulent period in December 2022, with an accidental leak suggesting a potential Chapter 11 bankruptcy filing. However, Argo sold its Helios mining facility to Galaxy Digital for $65 million and secured a $35 million loan, marking a strategic shift in its operations. The firm’s resilience was further demonstrated in July with a successful $7.5 million oversubscribed share sale aimed at debt repayment and reinforcing its financial stability.
As Argo Blockchain embarks on this new chapter under Chippas’ leadership, the focus remains on enhancing its position in the Bitcoin mining industry and driving innovation in the rapidly evolving cryptocurrency world.