Crypto CEOs Step Down to Focus on Their Strengths

• Kraken’s CEO Jesse Powell stepped down to be chairman.
• The CEO’s action was followed by the stepping down of fellow CEOs of Genesis, Alameda, and MicroStrategy.
• Due to extreme market volatility, “this is a time where you’re seeing a lot of exits,” said the crypto practice head of Korn Ferry.

The industry’s ‘crypto meltdown’, which caused numerous bankrupted crypto firms and thousands laid-off, was looking at another trend as CEOs are stepping down in some leading crypto firms.

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As announced on Wednesday, the founder of crypto exchange Kraken Jesse Powell stepped down as CEO of the crypto exchange. In addition, the company announced that they’ll turn over Powell’s job to their longtime Chief Operating Officer Dave Ripley. Powell, who’s currently Kraken’s largest shareholder, will be staying as a chairman.

“This will allow me to have more time to work on the things that I really enjoy doing and where I’m strongest,” ex-Kraken CEO said in an interview, adding that he’ll prioritize the products and advocacy, which he enjoys, and less on “managing a huge team.”

Similar to Powell, most crypto well-known bosses are technologists who are early to discover cryptocurrency, garnered followers on social media platforms, and are brave enough to interact with their followers via online battles. His decision followed after Bitcoin advocate Michael Saylor, Genesis’s Michael Moro, and Alameda Research’s Sam Trabucco renounced their CEO positions for the reasons that would allow them to ‘focus’ or ‘prioritize’ their time on things that they want. 

According to an article published by Bloomberg, boards of crypto companies are starting to look at a different perspective, after the industry was brutally trimmed off around $2 trillion from crypto’s market value and inflicted some leaders in court for bankruptcy.

Deepali Vyas, head of fintech and crypto practice at Korn Ferry, said:

With the extreme market volatility and what has happened over the last few months, and given the looming macroeconomic conditions, this is a time where you’re seeing a lot of exits.

Furthermore, co-founder and CEO of Binance Changpeng “CZ” Zhao revealed that 5 years from now, he might step down and also become chairman. He emphasized that it is essential for top leaders to have “fresh ideas.”

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