Bitfarms Appoints New CEO

Bitfarms has promoted Ben Gagnon to CEO as it faces a potential takeover by Riot Platforms and reviews its strategic direction. The Canadian mining company announced this change on Monday, with Gagnon taking on his new role immediately.

This leadership shift comes after Riot Platforms attempted to buy Bitfarms in April, an offer that Bitfarms' board rejected. Despite this, Riot has continued to acquire more shares and called for a shareholder meeting to remove former CEO Nicolas Bonta and director Andrés Finkielsztain. In an effort to convince shareholders, Riot launched a website on Monday criticizing Bitfarms' corporate governance.

Bitfarms reiterated its commitment to its shareholders. The company emphasized that its directors are focused on acting in the best interests of all shareholders. A special committee of independent directors is conducting a comprehensive review of strategic alternatives to maximize shareholder value.

Gagnon joined Bitfarms in 2019 as director of business development and later became director of mining operations in 2020 and chief mining officer in 2021. His promotion to CEO aims to utilize his extensive experience and insights as Bitfarms seeks to expand into new areas such as energy generation, heat recycling, energy trading, and high-performance computing for AI.

Chairman Nicolas Bonta expressed confidence in Gagnon's leadership. "We look forward to leveraging Ben’s insights and experience as the company expands and diversifies," Bonta said in a release.

The shareholder meeting called by Riot has not yet occurred. Riot has nominated John Delaney, Amy Freedman, and Ralph Goehring to join Bitfarms’ board, showing their determination to gain control.

Gagnon is optimistic about Bitfarms' future. "I am encouraged by the potential ahead and confident in our team’s ability to achieve our goals," he said.

Bitfarms is at a crucial juncture. With Riot’s ongoing takeover attempts, the company must carefully plan its next steps to maintain its independence and foster growth. The outcome of the shareholder meeting will be vital for the company's future direction.

In summary, Ben Gagnon's appointment as CEO represents a key moment for Bitfarms. His leadership arrives as the company faces pressure from Riot Platforms and reviews strategies to maximize shareholder value. The coming months will be critical as Bitfarms works to stabilize leadership and explore new business opportunities.