Bitmain appoints new chief executive officer

Bitmain, the manufacturer of mining equipment, appointed Feng Zhou as the legal representative of the entity and as chief executive officer, according to the post on WeChat.

The announcement was made on October 28 at a meeting to celebrate the firm’s eighth anniversary. According to the statement, Bitmain expects that “Feng Zhou’s rich experience in supply-chain management will surely open a new, bright chapter.”

He had served as deputy to Bitmain co-founder Mikri Zhang during his clash with Jihan Wu. The standoff lasted throughout 2020, negatively affecting the company’s operations.

“Zhang will continue to serve as chair of Bitmain Group, focusing on the technical direction of the company, talent development and strategic planning,” the statement said.

The company’s legal representative under Chinese corporate law performs the functions of the entity’s representative and acts without any additional power of attorney.

This status may be held by the chairman of the board, an executive (in the absence of a board of directors) or a chief executive officer.

As reported on December 19, 2020, Wu and Zhang entered into an agreement. It provided for a $600 million payout to the former, the transfer of the BTC.com pool with the BitDeer cloud platform, and mining farms outside China.

Later, Bitmain’s shareholders approved the terms of Jihan Wu’s exit from the company.

In January 2021, he announced his departure from the position of CEO of the company.

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