One of the largest publicly traded bitcoin miners, Riot Blockchain, has appointed Colin Yee, its current head of corporate and finance, as its new CFO, effective Aug. 15.
- "We are pleased that Riot's current operational momentum will continue unabated with Colin Yee as the new CFO to help the company achieve and exceed its strategic goals," Les said.
- The change in CFO comes as the miner's shares have fallen about 72% this year, in line with its peers Core Scientific and Marathon Digital. The bitcoin mining industry has been rocked by the falling bitcoin price since last November.
- On May 10, Riot reported its first quarter results, in which revenue missed estimates, but the miner maintained its hashrate guidance of 12.8 exahash per second (EH/s).
- Current CFO Jeff McGonegal will step down from his position as CFO to take on a new role as a senior advisor at Riot, according to a statement on the same day.
- McGonegal is expected to remain employed at Riot until Feb. 7 of next year to ensure a smooth transition. After that, he is expected to enter into a consulting agreement with the mining company.
- "Jeff McGonegal is our longest serving employee and has contributed greatly to the company over the years," said Jason Les, CEO of Riot. We are pleased that he will remain with the company as a senior advisor to ensure a smooth and orderly transition, and that he will continue to be part of our team."
- Yee, who is a Chartered Professional Accountant (CPA), joined Riot in April 2022 as Head of Corporate and Financial Operations.
- Prior to joining Riot, he was COO and CFO of a family office with majority holdings in companies focused on construction and geothermal systems, the statement said.
- On March 23, Riot's former chief operating officer, Megan Brooks-Anderson, left her position after a year with the company.