Bitcoin Miner Marathon Digital's CFO to Retire After One Year
The search for a new chief financial officer is already in progress.
Mar 31, 2023 at 10:13 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4AP55NCGBNCADKTGI5V5AMES7U.jpg)
Bitcoin miner Marathon Digital's (MARA) Chief Financial Officer Hugh Gallagher plans to retire from his role on May 12, about a year after he was appointed.
“With hashrate growing and becoming more stable and with the team now in a stronger position, I made the decision to retire," Gallagher said in a statement. He was appointed CFO in March of last year.
The move comes as bitcoin miners have gone through a difficult year, with bitcoin's price sinking and higher energy prices driving up costs, which weighed on their profit margins. Marathon's stock price has fallen about 71% in last 12 months, while bitcoin fell about 40%, according to TradingView data.
An external search for a new CFO is already in the process, the company said in the statement.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets