Bitfarms Restructures Leadership Amid Tensions With Riot

has appointed its CEO, Ben Gagnon, to the board of directors as part of a series of leadership changes announced on Aug. 13, 2024. The company also named Brian Howlett, the current lead director, as the new independent chairman, following the resignation of co-founder Nicolas Bonta. Gagnon, previously the chief mining officer, has been credited with driving Bitfarms’ growth strategy.

Bitcoin Mining Firm Bitfarms Announces Board, Leadership Changes Amid Riot Takeover Bid

Bitcoin mining company Bitfarms Ltd. has announced significant changes to its board of directors and executive team as the company continues to navigate a hostile takeover bid and governance dispute with Riot Platforms Inc.

According to a statement on Aug. 13, 2024, Bitfarms has appointed its CEO, Ben Gagnon, to the board. Lead director Brian Howlett has been named the new independent chairman, following the resignation of co-founder Nicolas Bonta. Gagnon, who previously served as chief mining officer, is said to have spearheaded Bitfarms’ growth strategy since joining the firm in 2021. His appointment to the board is likely to bolster the company’s decision-making processes during this critical period.

The announcement comes amid a heated takeover battle, with Riot Platforms having disclosed a progressive acquisition of Bitfarms shares, starting in early August. Riot has been aggressively pushing for changes within the company, criticizing Bitfarms’ governance and accusing the board of poor oversight, particularly in relation to a legal dispute involving the firm’s former CEO. Riot has demanded the removal of Bonta and other directors, arguing that their actions have been detrimental to Bitfarms’ interests.

Riot launched a public campaign to rally support for its nominees and proposals, which include a comprehensive plan to improve Bitfarms’ operations and governance. The company has also submitted a $950 million acquisition offer, which was swiftly rejected by Bitfarms’ board.

Undeterred, Riot has called for a special shareholders’ meeting in October to address these issues directly with Bitfarms’ shareholders. By Aug. 14, Riot had expanded its stake in Bitfarms to 18.9% after snapping up an additional 1 million shares.

As the takeover battle intensifies, both companies are set to engage in a fierce competition for the support of Bitfarms’ shareholders, who will ultimately decide the future direction of the company at the upcoming special meeting.

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