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Bitmain Co-Founders to Step Down as CEOs in Organization Reshuffling

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The co-founders of bitcoin mining firm Bitmain, Jihan Wu and Micree Zhan Ketuan, will step down from their posts as co-CEOs but would still lead the company with regards to making important decisions.

The South China Morning Post first reported the news.

The publication spoke to “people familiar with the matter,” and said Bitmain’s director of product engineering Wang Haichao would now be functioning CEO at a date that has yet to be determined. Haichao has reportedly taken over some of the duo’s former responsibilities.

The reorganization, which Bitmain did not officially confirm, comes a few weeks after rumors about changes at senior executive level swirled.

The report also added that Wu and Zhan would now take on the responsibility of co-chairs of the firm.

“After Wang takes over, Wu and Zhan will move away from the company’s day-to-day business activities but will still make final calls on big decisions,” one of the sources relayed.

The Chinese media first published word of Wu’s repositioning late last year. In November, other rumors proposed that Wu had lost his decision-making power.

Bitmain is up against a huge transition period at the start of the new year. Having already shut down its operations in Israel last month, industry observers expect the company to next declare mass layoffs of staff.

Plans to stage an initial public offering (IPO) in Hong Kong have also faced apprehension, possibly due to regulators’ hesitations caused by the ongoing instability in cryptocurrency markets.

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