Jesse Powell, the CEO of Kraken, resigns from his post. After more than 11 years in the role, Powell announced that he was stepping down as CEO. He declared that he wanted to devote more time to the company’s other services and serve as an advocate for the sector.
Chief operating officer Dave Ripley, who has been a part of the cryptocurrency exchange since 2016, will follow Jesse Powell as CEO. A change in leadership will take place over the next few months when a replacement for Ripley as COO is recruited.
Kraken’s Powell intends to take a break
In light of Powell’s ascent to the new leadership role, Ripley said that his objectives were “in lockstep” with Powell’s. Powell allegedly stated that the expansion of Kraken was the reason for his decision to back off, saying, “It’s simply gotten to be more exhausting on me, less fun.” He continued by saying that he still intended “to be highly active with the firm.”
“As the company has gotten bigger, it’s just gotten to be more draining on me, less fun. I still plan to stay very engaged with the company as the largest shareholder and member of the board.”
Jesse Powell spoke in a video interview
Since 2011, Powell has served as Kraken’s CEO. Powell guided the American platform through the early days of the cryptocurrency industry. Kraken was fined a $1.25 million penalty by the U.S. Commodity Futures Trading Commission in 2021 for failing to register as a futures commission merchant. Powell said in April that Kraken will close its world headquarters in the heart of San Francisco.
Powell said that he informed the board of his decision more than a year prior, and the business finally chose Ripley after considering its options. Additionally, Ripley said he was keen to move forward with the Kraken mission.
Over time, Kraken grew to become one of the largest US bitcoin exchanges. In a discussion with Bloomberg last month, Powell stated that he would never wager against bitcoin. Additionally, Jesse provided his forecasts for the cryptocurrency sector through the year 2021. With Powell stepping down, Ripley will take over the position and continue its operations.