Bitmain Co-CEOs to Keep Decision Making Power in Executive Swap - BITCOIN NET MAGZ

Bitmain Co-CEOs to Keep Decision Making Power in Executive Swap

- 14.26
Bitmain Co-CEOs to Keep Decision Making Power in Executive Swap

Referencing anonymous"people knowledgeable about the issue," the publication said Bitmain's director of product technology Wang Haichao would probably take over as CEO at an unspecified future date. Haichao has reportedly taken over a number of the duo's past duties.

The reshuffle, that Bitmain declined to officially affirm, follows several weeks of rumors about changes at senior executive level.

Without quoting the sources specifically, the Post added that Wu and Zhan would become co-chairs of the business.

"After Wang requires more than Wu and Zhan will go away from the corporation's daily small business activities but will nevertheless make closing calls on large decisions," one of the sources reportedly confirmed.

Since Cointelegraph reported, Chinese media published rumors of Wu's repositioning in late December. A month earlier, other rumors suggested Wu had dropped his decision power altogether.

Bitmain is confronting a significant transition period at the start of 2019. Having shut down its operations in Israel last month, commentators expect the company to announce mass layoffs of staff in the near future.

Plans to conduct an initial public offering (IPO) in Hong Kong have also faced doubts, perhaps due to regulators' worries at continuing volatility at cryptocurrency markets.

 

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