The Chief Financial Officer of Bitcoin Miner Marathon Digital is Going to Retire in One Year
The search for a new chief financial officer has already begun.
Hugh Gallagher, Chief Financial Officer of Bitcoin processor Marathon Digital (MARA), has announced his intention to step down on May 12, approximately one year after being nominated to his current position.
Gallagher states, ” I decided to step down as the hash rate has been growing and becoming more stable and the team is now in a stronger position.” In March of the previous year, he was appointed Chief Financial Officer.
The decision comes when bitcoin miners have been going through a tough year, with the price of bitcoin going down and increased energy prices pushing up expenses, impacting their profit margins. According to the statistics provided by TradingView, the price of a share of Marathon has decreased by approximately 71% over the past year, while the price of bitcoin has decreased by about 40%.
According to the statement released by the business, the process of conducting an external search for a new chief financial officer has already begun.
Chairman and CEO of Marathon, Fred Thiel, stated, “Hugh was instrumental in devising our finance strategy, creating our finance team, and assisting us in transitioning from an early-stage company to a more mature organisation. We appreciate his contributions and the solid foundation he helped establish.
I want to salute Hugh on behalf of the complete Marathon team for his service to the company. We wish him well in his retirement, as he has been a valuable asset. With the external search for a new CFO already underway, we look forward to continuing to develop the Marathon team and establishing the company as an industry leader in Bitcoin mining.”