Bitcoin miner Bitfarms has appointed insider Ben Gagnon as its new chief executive officer to oversee a strategic review and navigate a dispute with its biggest shareholder, Riot Platforms.Gagnon's promotion comes months after Bitfarms' plans for a smooth leadership transition ran into difficulties.
FILE PHOTO: A wall of miners, seen at the cryptocurrency farming operation, Bitfarms, in Farnham, Quebec, Canada, February 2, 2018. REUTERS/Christinne Muschi/File PhotoBitcoin miner Bitfarms has appointed insider Ben Gagnon as its new chief executive officer to oversee a strategic review and navigate a dispute with its biggest shareholder, Riot Platforms.
But the company accelerated his termination in May, days after he filed a lawsuit claiming $27 million in damages for breach of contract and wrongful dismissal. Bitfarms said the claims were"without merit". Bitfarms rebuffed Riot's $950 million offer saying it undervalued the company and adopted a"poison pill" to fend off a hostile takeover.
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