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Bitfarms (NASDAQ:BITF) stock is in the news on Tuesday after the Bitcoin (BTC USD) mining company announced Ben Gagnon as the new CEO.
Gagnon is moving up to CEO of Bitfarms from his previous position as chief mining officer. He assumed this role in 2020 after being promoted from Director of Business Development. He took on this role in the company in 2019 and marked his start at Bitfarms.
This is what Edie Hofmeister, chair of the board’s independent selection committee, said about the new CEO.
“The Board is confident that Ben is the right person to lead Bitfarms in this next chapter. During his tenure as Chief Mining Officer, Ben played an important role in developing Bitfarms’ growth plan and positioning the company to drive significant value creation.”
Bitfarms points out that the selection of a new CEO occurs independently of the examination of strategic alternatives. The Company’s Special Committee will continue to consider opportunities to maximize shareholder value.
BITF stock faces riot takeover
Bitfarms is under continued pressure Riot Platforms (NASDAQ:REVOLT) as it seeks a takeover of the BTC mining company. His most recent efforts include launching a website criticizing Bitfarms’ board.
BITF shares were down 3.6% on Tuesday morning. The stock has also fallen 10% since the start of the year.
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At the time of publication, William White did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2024/07/bitf-stock-alert-bitfarms-names-new-ceo-as-riot-pushes-for-a-takeover/.
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