Bitcoin Miner Riot Blockchain Names Its Head of Corporate Operations as New CFO
Current CFO Jeff McGonegal will retire and move into a new role as senior advisor of the miner in mid-August.
Jun 1, 2022 at 10:19 p.m. UTCUpdated May 11, 2023 at 4:23 p.m. UTC
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One of the largest publicly traded bitcoin miners, Riot Blockchain (RIOT), appointed Colin Yee, its current head of corporate and financial operations, as the new chief financial officer, effective Aug. 15.
- “We are pleased that Riot’s current operational momentum will continue unabated as Colin Yee steps in as our new CFO to help the company achieve and exceed its strategic goals,” said Jason Les, CEO of Riot, in a prepared statement.
- The change in CFO comes as the shares of the miner have fallen about 72% this year, in line with its peers Core Scientific (CORZ) and Marathon Digital (MARA). The bitcoin mining industry has been rocked by bitcoin's (BTC) declining price since November.
- On May 10, Riot reported its first-quarter earnings. Revenue missed estimates but the miner maintained its hashrate guidance of 12.8 exahash per second (EH/s).
- The current CFO, Jeff McGonegal, will retire from that position to become a senior adviser to Riot, as of Aug. 15, according to a statement.
- McGonegal is expected to remain employed by Riot through the terms of his employment agreement, ending Feb. 7 of next year, to ensure a smooth transition. After that he is expected to enter into a consulting agreement with the miner.
- Yee, who is a chartered professional accountant (CPA), joined Riot as head of corporate and financial operations in April.
- Prior to Riot, he was the chief operating officer and CFO of a family office with controlling interests in companies focused on construction and geothermal systems, according to the statement.
- On March 23, Riot’s former chief operating officer, Megan Brooks-Anderson, exited her position after one year at the company.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets