Kraken CEO Jesse Powell to Step Down After More Than a Decade

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Jesse Pow­ell, the 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 in cryp­to-relat­ed com­pa­nies in the past sev­er­al months.

  • Accord­ing to a press release on Wednes­day (August 21, 2022), Dave Rip­ley, Kraken’s chief oper­at­ing offi­cer (COO), will replace Pow­ell as the new CEO. Rip­ley will assume the top exec­u­tive posi­tion once the firm gets a new COO.
  • Mean­while, Pow­ell, the Kraken’s largest share­hold­er, will remain chair­man of the company’s board. The co-founder made the deci­sion to step down over a year ago, with the exchange search­ing for a suit­able replace­ment before choos­ing Ripley.
  • Accord­ing to a state­ment by the for­mer Krak­en boss:

“Dave’s proven lead­er­ship and expe­ri­ence give me great con­fi­dence that he’s 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 on the company’s prod­ucts, user expe­ri­ence and broad­er indus­try advocacy.”

  • Back in June, Pow­ell debat­ed with some employ­ees who seemed to focus on “minor slights and first world prob­lems” rather than pri­or­i­tize the firm’s mis­sion. The Krak­en boss said that unhap­py employ­ees had a choice to leave the company.
  • Mean­while, Pow­ell joins the list of CEOs who have stepped down in recent times. Michael Moro of cryp­to bro­ker­age firm Gen­e­sis and MicroStrategy’s Michael Say­lor exit­ed their lead­er­ship roles all in the past few months.
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