Bitfarms Founder Steps Down in Leadership Overhaul

Bitfarms (NASDAQ: BITF) has announced significant changes to its board of directors and executive team as the Canadian bitcoin mining firm continues to navigate an ongoing battle against a hostile takeover bid by Riot Platforms (NASDAQ: RIOT).

Ben Gagnon, recently promoted to CEO of Bitfarms, has now been appointed to the company’s board of directors, effective immediately, Bitfarms said in a release on Tuesday.

Additionally, Nicolas Bonta, the founder and former chairman of Bitfarms, has decided to step down from the board, also effective immediately.

The leadership reshuffle comes at a critical time for Bitfarms as the company defends itself against Riot’s unsolicited takeover attempt, which began earlier this year.

Riot, a major rival headquartered in Texas, has been aggressively pursuing Bitfarms, arguing that the combination of the two companies would create a global leader in the sector.

After investing $169 million at an average cost of $2.22 per share, Riot increased its stake in Bitfarms to 18% as of last week. Riot also launched an online campaign to expose what it described as Bitfarms’ poor governance, calling for the removal of Bonta and two other directors from the board.

With Bonta’s departure, Brian Howlett, who has served as lead director, has been appointed as Bitfarms’ new independent chairman of the board.

In addition to the board changes, Bitfarms announced the appointment of Liam Wilson as its Chief Operating Officer, effective August 26. Wilson, who was previously COO at Mawson Infrastructure, resigned from the company in July 2023.