Bitmain Wu Jihan and Zhan Ketuan Are Leaving Bitmain
Bitmain Technology, the world’s biggest maker of cryptocurrency mining rigs, plans to name a replacement CEO to take over from co-founders Jihan Wu and Ketuan Zhan.
According to South China Morning Post. The company faced many ups and downs over the past year, however, with the recent shuffle in the top management, 2019 could be a fresh start.
Back in November, it was reported that Wu had been ousted from the board of BitMain Technologies Holding Company, the entity currently seeking to go public on the Hong Kong Stock Exchange (HKEX).
A Bitmain representative, however, at the time denied the board change, responding to a CoinDesk inquiry, stating: “There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with co-chief executive officer, Micree Zhan,” Coindesk reports.
Wu and Zhan, who founded Bitmain in 2013, hold 21 per cent and 37 per cent of the company respectively, according to the IPO prospectus. Under a dual-class share structure, they both have 10-1 voting rights over ordinary shareholders.
The company recently has began laying off a significant portion of its workforce. In December 2018, Bitmain fired its R&D department based in Israel. This move was followed by another massive downsizing, nixing the company’s Bitcoin Cash development team.