June 9, 2023

Jesse Powell, chief executive officer (CEO) and co-founder of major cryptocurrency exchange Kraken, will step down from his position after leading affairs at the company for more than a decade.

This is yet another leadership change at crypto-related companies in the last few months.

  • According to a Press release On Wednesday (August 21, 2022), Kraken’s Chief Operating Officer (COO) Dave Ripley will replace Powell as the new CEO. Ripley will assume the top executive position if the firm gets a new COO.
  • Meanwhile, Powell, Kraken’s largest shareholder, will remain chairman of the company’s board. After the co-founder decided to step down a year ago, the exchange searched for a suitable replacement before choosing Ripley.
  • According to a statement from the former Kraken boss:

‚ÄúDave’s proven leadership and experience give me great confidence that he is the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time advocating for the company’s products, user experience and broader industry.”

  • In June, Powell clashed with some employees who seemed to focus on “small problems and first world problems” rather than prioritizing the firm’s mission. The Kraken boss said disgruntled employees had the option to leave the company.
  • Meanwhile, Powell joins the list of CEOs who have resigned in recent times. Michael Morrow of crypto brokerage firm Genesis and Michael Saylor of MicroStrategy have stepped down from their leadership roles in the past few months.
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