The boss of Argo Blockchain is to step down from the crypto mining business as it battles to build a recovery in its share price.
Thomas Chippas announced he would stepping down from his position as CEO effective 28 February 2025, after barely more than a year in the role.
Argo said will engage an executive search firm to assist with the process of selecting a new CEO, with CFO Jim MacCallum standing in as interim boss.
Chairman Matthew Shaw said: “Thomas has made significant contributions to Argo including the repayment of the Galaxy loan ahead of schedule and improving the balance sheet.
“On behalf of the board and everyone at Argo, I would like to thank Thomas for his many achievements and wish him every success in the future.”
It comes after Argo Blockchain was warned it may be kicked out of the Nasdaq over its sinking share price.
The London-based crypto miner, which also has a listing on the London Stock Exchange, has seen its stock tumble by more than 70% over the past twelve months.
That has seen the company’s American Depositary Shares (“ADS”) listed on the Nasdaq to fall below $1.00 for 30 consecutive business days, causing it to breach the minimum bid price requirement.
Argo, which operates crypto mining sites in Quebec and Texas, today said it had been sent a notification letter from the Nasdaq stock market warning it of the breach. The company has been given until July to see its share price recover before trading will be suspended.
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