Bitmain Technology, the world’s biggest maker of cryptocurrency mining rigs, is poised to name a new CEO to replace company co-founders Wu Jihan and Zhan Ketuan.
Wang Haichao, Bitmain’s director of product engineering, will now become the new CEO of the mining giant, according to a report.
The pressure was already mounting on Bitmain co-founder and CEO, Wu to resign from his position due to controversies surrounding Bitmain and his involvement in the infamous Bitcoin Cash hard-fork in November 2018.
Referencing anonymous “people familiar with the matter,” it isn’t clear when a new CEO will be named, or indeed whether an outside appointment will be made.
Bitmain declined to comment on the leadership change, which was first reported two weeks ago in local media. Wang could not be reached for comment.
After Wang takes over, Wu and Zhan will move away from the company’s day-to-day business activities but will still make final calls on big decisions, one of the people said. It has been reported that the pair disagreed on certain issues as co-CEOs.
Wu and Zhan will remain as the company’s co-chairs. According to the IPO prospectus they hold 21% and 37% of the company respectively, and although roles will be diminished they will still be a part of Bitmain moving forward.
Bitmain is still awaiting the Hong Kong Stock Exchange’s (HKEX) approval for its initial public offering (IPO) application, filed in September of last year.