Argo CEO Change
Rhea-AI Summary
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced that CEO Thomas Chippas will step down from his positions as Chief Executive Officer and Director, effective February 28, 2025. The company plans to engage an executive search firm to select a new CEO and will provide market updates accordingly.
In the interim period, current Chief Financial Officer Jim MacCallum has been appointed as interim-CEO. Board Chairman Matthew Shaw acknowledged Chippas's significant contributions to Argo, particularly highlighting his role in the early repayment of the Galaxy loan and improvements to the company's balance sheet.
Positive
- Early repayment of Galaxy loan achieved under departing CEO's leadership
- Improved balance sheet condition noted by Chairman
- Immediate interim CEO succession plan in place
Negative
- Unexpected CEO departure creates leadership uncertainty
- Search for permanent CEO replacement still pending
News Market Reaction 1 Alert
On the day this news was published, ARBK declined 2.73%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UK / ACCESS Newswire / January 21, 2025 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) announces that Thomas Chippas is stepping down from his positions as Chief Executive Officer and Director effective 28 February 2025. Argo intends to engage an executive search firm to assist with the process of selecting a new Chief Executive Officer and will update the market in due course. In the interim, the Board has appointed Jim MacCallum, current Chief Financial Officer, as interim-Chief Executive Officer.
Matthew Shaw, Chairman of the Board, said: "Thomas has made significant contributions to Argo including the repayment of the Galaxy loan ahead of schedule and improving the balance sheet. On behalf of the Board and everyone at Argo, I would like to thank Thomas for his many achievements and wish him every success in the future."
This announcement contains inside information.
For further information please contact:
Argo Blockchain |
|
Investor Relations | |
Tennyson Securities |
|
Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
|
Joint Broker Guy Wheatley, CFA | +44 7493 989014 |
Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE:ARB)(NASDAQ:ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With a mining facility in Quebec and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Argo Blockchain PLC
View the original press release on ACCESS Newswire
FAQ
When will Thomas Chippas step down as CEO of Argo Blockchain (ARBK)?
Who will serve as interim CEO of Argo Blockchain (ARBK)?
What major achievements were credited to Thomas Chippas during his tenure at ARBK?
How is Argo Blockchain (ARBK) conducting its search for a new CEO?
