Bitfarms announces leadership changes amid takeover attempt

Bitcoin mining firm Bitfarms has announced leadership changes amid ongoing regulatory and takeover bid challenges.

Canadian public Bitcoin mining firm Bitfarms disclosed updates to its board of directors and executive team as it navigates ongoing regulatory challenges and a recent takeover bid from Riot Platforms.

In an Aug. 13 press release, the Toronto-headquartered firm said that Ben Gagnon, currently serving as its CEO, has been appointed to the board of directors, effective immediately. Additionally, Brian Howlett, Bitfarms’ lead director, has been named independent chairman of the board, succeeding Nicolas Bonta, who co-founded Bitfarms and guided its expansion.

Following the appointment, Bonta “has decided to step down from the Board, also effective immediately,” the press release reads. The board will now consist of five members, with four being independent.

Bitfarms appoints new COO

Amid the team reorganization, Bitfarms announced the appointment of Liam Wilson as chief operating officer, effective Aug. 26. Wilson, with over 20 years of experience, will play a “critical role in developing and refining our operational procedures and systems with the goal of improving efficiencies,” Gagnon said.

The leadership updates come amid recent regulatory developments as the Ontario Capital Markets Tribunal recently nullified Bitfarms’ initial “poison pill” shareholder rights plan, which was implemented in response to a takeover bid from its U.S. competitor, Riot Platforms.

Riot Platforms’ CEO Jason Les criticized the plan as a sign of flawed corporate governance. In response, Bitfarms has introduced a new rights plan designed to protect against gradual acquisition attempts and ensure equitable treatment of shareholders.

Earlier this year, Riot Platforms proposed a $950 million acquisition of Bitfarms, but withdrew the offer following unsuccessful merger discussions with Bitfarms’ board.