Top cryptocurrency mining rig maker Bitmain may be in for some administrative changes soon, with Wang Haichao, currently head of product engineering, tipped to be the new CEO in place of co-CEOs Wu Jihan and Zhan Ketuan, as reported by South China Morning Post.
Currently, no public announcement has been made by the company or any of the parties involved about this major managerial shift. However, the source said people familiar with the matter revealed that this change will reportedly have co-founders Wu Jihan and Zhan Ketuan step aside from managing daily affairs of the company. More so, while they remain as members of the board, they will still be involved in calling the shots on big decisions as “Wu and Zhan, who founded Bitmain in 2013, hold 21% and 37% of the company respectively, according to the IPO prospectus”. Wang is said to have assumed the new role in preparation for the transition since December last year.
Changes happening in the company, including the layoff of about 50% of its staff that occurred last month, are likely due to the bear market conditions that lasted throughout 2018. More so, it was reported that the incumbent decision makers had trouble agreeing with each other and that at one time, Wu was allegedly expelled from the board, though this was later dismissed as a false claim.
With the ongoing reshuffling of administrative chairs, operations may look green for the company once more, as currently, Bitmain has been through a few setbacks and may need to make some strategic changes to make headways in 2019. It is in the process of being listed for an initial public offering (IPO) with the Hong Kong Stock Exchange (HKEX), though it hasn’t been favorable so far, probably due to the volatile conditions of the cryptocurrency market and “essentially the lack of regulation”, according to HKEX.
Wang has compelling hands-on experience in software programming and product engineering. Having graduated from Beijing’s Tsinghua University – the MIT analog in China – he worked as an engineer with Availink, from 2010 to 2017. He seems to be an excellent candidate, being familiar with the operations of the company with respect to product management. It would be of public interest to both shareholders and consumers to see what changes the company will experience during Wang’s tenure. BitcoinNews will track the changes as they unfold.
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