Bitcoin miner Marathon Digital’s (MARA) CFO Hugh Gallagher plans to retire from his role on May 12, about an year after he was appointed in the role.
“With hash rate growing and becoming more stable and with the team now in a stronger position, I made the decision to retire,” Gallagher said in a statement. He was appointed to the CFO role on March of last year.
The move comes as bitcoin miners have gone through a difficult year, with bitcoin prices sinking and higher energy prices driving up costs, which weighed on their profit margins. Marathon’s stock price has fallen about 71% in last 12 months, while bitcoin fell about 40%, according to TradingView data.
An external search for a new CFO is already in the process, the company said in the statement.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
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