Kraken co-founder Jesse Powell will step down as CEO of the company. His position will be taken by Chief Operating Officer Dave Ripley.
📣 We have announced plans for our COO Dave Ripley to succeed Kraken Co-founder and CEO Jesse Powell, who will become chairman of the board.
Check our latest blog for details regarding our leadership succession plan.
Learn more: https://t.co/pxFZOPK1HE pic.twitter.com/qz84nlRxT8
— Kraken Exchange (@krakenfx) September 21, 2022
“Dave is a proven leader; his experience instills great confidence that he is the ideal successor and the best person to lead Kraken through the next stage of growth,” Powell said.
The co-founder will take the chair of the board of directors. He has led the platform since its founding in 2011 and remains its largest shareholder.
In a conversation with Fortune, Powell explained that his departure as CEO was driven by a desire to devote more time to product work and “protecting the interests of the industry.”
According to him, the company interviewed “more than a dozen” candidates and settled on Ripley. He will assume the role once Kraken hires someone to fill the chief operating officer position.
Earlier in June 2022, Powell was accused of imposing a toxic corporate culture. The reason: a document describing the company’s “libertarian philosophical values.”
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