Arrington steps down from the board of Celsius’s replacement after being named a board member
Michael Arrington has resigned from his position on the board of directors of the business that will take over Celsius’s activities.
Just thirteen days after agreeing to join the board of directors of the Delaware corporation that was established from the defunct crypto lender Celsius, Michael Arrington, the founder of Arrington Capital, has resigned from his position. Ravi Kaza, a member of Fahrenheit Holdings, the consortium that submitted the highest and ultimately successful offer in May to buy Celsius’s assets, will replace Arrington as CEO of the company.
In a post on X, Arrington said that he had decided to quit because he did not agree with “some of the decisions made around board constitution and, in particular, the board observers.” Although Arrington admitted that his statement was “heavily edited by attorneys,” he maintained his support for the transaction and expressed enthusiasm for making contributions “in ways other than participating on the board of directors.”
After appointing three new board observers, Celsius’s activities would be taken over by “NewCo,” a firm with no name at this time. Arrington has now resigned. The particular issue that Arrington seems to have is with the hiring of Simon Dixon, who was the only one of the three new observers whom Arrington did not “warmly welcome” to the job in his X article.
Dixon expressed his pleasure in having Kaza join the board and wished her “the best of luck.” @arrington is the handle of Michael Arrington. Please do not hesitate to unblock me. There is no need to apologize. The only way is up and forward. You can expect nothing but from me.
Both Arrington and Dixon hinted in their respective tweets that further information about the incident may one day become public. Arrington specifically mentioned this possibility when he wrote, “I am not able to go into a lot of detail on why I asked this change, but that information will come out in due time.” Dixon also made a similar statement. Dixon had the same sentiment, remarking that “one day this story will be told by [Fahrenheit] as this is their election.”