Cryptocurrency miner Argo Blockchain said on Thursday that founder Peter Wall is stepping down as chief executive and interim chairman to "pursue other opportunities."
Chief Operating Officer Seif El-Bakly has been appointed interim CEO, effective immediately, while Matthew Shaw will take over as Chairman of the Board. The struggling cryptocurrency miner managed to avoid bankruptcy late last year after agreeing to sell its mining facility Helios and refinance a new asset-backed loan.
The company, which was founded by Wall in 2017, has struggled with rising costs and pressure on margins amid falling bitcoin prices and rising electricity costs for Helios.
Wall's departure follows the resignation of chief financial officer Alex Appleton earlier this month.
Argo intends to hire an executive search firm to assist in the search for its chief executive, the company added.
