Peter Wall, CEO and temporary chairman of Argo Blockchain (ARBK), has resigned from his position after three years with the company.
Argo Blockchain experienced difficulties in 2022 due to rising electricity prices, which led to a sharp increase in their costs at their mining farm Helios, Texas. Despite trying to negotiate a fixed-rate power contract, they failed and then had to sell the plant in Texas for $65 million to stay afloat.
Seif El-Buckley now serves as CEO and Matthew Shaw takes over as chairman of the board. CFO Alex Appleton has also announced his departure from Argo Blockchain.
In late January, a collective action lawsuit was filed against Argo Blockchain by investors who claimed they were kept in the dark about energy costs and funding restrictions during the IPO in 2021.
