Bitfarms Appoints CEO as Riot’s Takeover Escalates

Bitfarms has promoted chief mining officer Ben Gagnon to the role of chief executive officer as the company intensifies its resistance against Riot’s takeover attempt.

Bitfarms announced on Monday that Gagnon’s appointment is effective immediately. Gagnon joined the company as director of business development in 2019 and was promoted to chief mining officer in 2021.

“Over the last five years, Ben has been a vital member of the Bitfarms leadership team and has been instrumental in positioning the company to drive organic growth and capture a greater share of the global demand for Bitcoin,” said Nicolas Bonta, Bitfarms’ Chairman of the Board.

Gagnon’s promotion follows the board’s decision to terminate former outgoing president and CEO Geoffrey Morphy months ago. Bitfarms stated in May that Morphy’s role was terminated after he lodged a complaint accusing the company of breach of contract and demanding $27 million.

This executive team change comes on the heels of Bitfarms’ recent appointment of Fanny Philip as its new independent director, a move in the face of Riot’s hostile takeover bid.

Meanwhile, Riot launched a website on Monday titled “A Better Bitfarms” to inform shareholders about what it describes as “Bitfarms’ broken corporate governance.”

Riot, which has accumulated 14.9% of Bitfarms’ outstanding ordinary shares, previously called for a special shareholder meeting. On Monday, Riot reiterated its call for Bitfarms shareholders to vote on the removal of some of the existing board directors and to approve Riot’s nominees.