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Even after his retirement from the firm, to take advantage of his expertise in the space Riot is seeking to appoint Current CFO as senior advisor
Riot Blockchain has appointed its current head of Corporate and financial operators. Colin Yee as the company’s new Chief Financial Officer. Riot Blockchain (RIOT) is one of the largest bitcoin miners in terms of publicly traded company and appointing new CFO will be effective from August 15 this year.
CEO of Riot Blockchain in a statement said that the company was pleased that current operational momentum of Riot will go on without any reduction given Colin Yee stepping in as new CFO that would help the company to achieve and extend its strategic goals.
Jeff McGoneagal, the current CFO of Riot Blockchain is going to retire from his position while he will be appointed as senior advisor in the company. To ensure a smooth transition, McGonegal is expected to be a part of the company through his employment agreement terms which end by February of next year. After this, the current CFO is expected to enter a consulting agreement that he made with the company.
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Current head of Corporate and financial operators, Yee joined Riot blockchain who is a chartered professional accountant (CPA). Earlier then Riot, Yee was the Chief Operating Officer and Chief Financial Officer at a family office along with controlling interests of the construction and geothermal systems focused firms. It was recently on March 23rd when former Chief Operating Officer at Riot, Megan Brooks-Anderson had exited from her position after serving for one year at the company.
The change of company’s CFO comes after the shares of the bitcoin miner company have fallen by 72% this year. Similar situations are with Riot’s peer companies including Core Scientific (CORZ) Marathon Digital (MARA). It’s quite easy to understand the low performance of bitcoin mining firms given the decline in price of bitcoin (BTC) since it’s all time high in November last year.
Riot has reported its earning report for first quarter on 10th May where it shows that the company has missed its estimation of revenue. However Riot has maintained its hashrate guidance as per expectations of 12.8 exhash per second (EH/s).
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
