Bitcoin Miner Bitfarms Chairman Bonta resigns from Board

Bitcoin mining company Bitfarms announced on Tuesday that Nicolas Bonta, co-founder and chairman, will step down immediately.

According to the press release by Bitfarms, it was said that the lead director, Brian Howlett, will now serve as the board's independent chairman. The two parties have been involved in a legal dispute since Riot made an unsolicited $950 million offer to buy the company in April. According to Bitfarms, the offer undervalued the company and included a poison pill to thwart any hostile takeover attempts.

Edie Hofmeister, Chair of the Governance and Nominating Committee, stated, "Ben has a deep understanding of Bitfarms from his time as Chief Mining Officer, where he was instrumental in creating and carrying out the company's ambitious expansion strategy."

Hofmeister added that Ben is an invaluable addition to the board as CEO, and we have every confidence that he will continue to draw on his considerable insight and valuable skill set in this new role. In order to create value over the short- and long-terms, the Bitfarms Board is committed to making sure the company has the best team in place to supervise and carry out its strategic plan.

The statement added, during such an exciting time for Bitfarms, I am honored to take on this additional responsibility," Gagnon remarked.

"I am thrilled to be working with my fellow directors to execute the company's strategic vision and deliver diverse, meaningful growth and long-term shareholder value. I look forward to building upon our momentum."

"The highlight of my professional career has been founding Bitfarms and overseeing the company's growth," Nicolas Bonta stated.

The post stated it is time for Ben to join the board and for me to step down. I have no doubts whatsoever about Brian's capacity to guide the board as we anticipate Bitfarms' next stage of expansion. There will still be five directors on the board, with four of them serving as independents.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.