Crypto hosting and mining company Core Scientific (CORZ) has appointed crypto veteran Adam Sullivan as its new president, a court filing shows.
Sullivan spent the past six years in various roles at financial services firm XMS Capital Partners, where he was most recently managing director and head of the digital asset and infrastructure group.
At Core Scientific, Sullivan will work on financial and strategic matters, including working with customers, suppliers and creditors as well as help with the reorganization of the company’s management team, according to the filing.
Todd DuChene, Core Scientific' current president, will become chief legal officer and chief administrative officer, leading corporate, legal, financial and administrative tasks.
In December, the Austin, Texas-headquartered company, one of the largest publicly traded crypto mining companies in the U.S., filed for bankruptcy after a year of low crypto prices and high energy prices. However, the company continues to mine bitcoin (BTC) during the bankruptcy process as its cash flows remain positive.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.