Jesse Powell has decided to step down from his role as CEO of the Kraken cryptocurrency exchange after a little over a decade of managing the business. Dave Ripley, the company’s current chief operating officer (COO), will replace Powell as soon as Kraken gets a new COO.
According to an official press release, Powell will assume the role of the chairman of the company’s board of directors continuing to be the biggest shareholder of Kraken. Powell had decided to step down over a year ago, with the crypto exchange searching for a suitable replacement before choosing Ripley. The ex-CEO said,
“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.”
📣 We have announced plans for our COO Dave Ripley to succeed Kraken Co-founder and CEO Jesse Powell, who will become chairman of the board.
Check our latest blog for details regarding our leadership succession plan.
Learn more: https://t.co/pxFZOPK1HE pic.twitter.com/qz84nlRxT8
— Kraken Exchange (@krakenfx) September 21, 2022
Kraken CEO to be Replaced by Dave Ripley
In a video interview, Powell explained that as the company amplified, the job role as CEO became more exhausting and “less fun”. He added that despite leaving his position, he plans to continue playing an active role in the company. Powell jokingly said that he would use this opportunity to go through 11 years of unopened emails. The transition is set to take place after the company finds a replacement for Ripley. Till then, Powell will remain at Kraken as chairman.
📣 @jespow will remain on the board as chairman and stay active in product development and industry advocacy once the change takes place.
— Kraken Exchange (@krakenfx) September 21, 2022
Earlier this year, Powell stirred up a controversy after asking employees to leave the company if they didn’t agree with its values. As per a New York Times report in June, Powell made controversial statements on various social and political topics. The Kraken CEO lashed out saying,
“I don’t know what to say to people who feel like they deserve some kind of a workplace where they don’t have to adhere to policies. If that comes off as authoritarian or whatever, you know, I guess that’s fine.”
Powell has made a ,significant Contribution to the Crypto Industry
The outspoken CEO had also criticized sanctions imposed on Tornado Cash, arguing that the coin mixer has legitimate uses and that individuals have a right to privacy. He called the Tornado Cash ban “unconstitutional” and said that it might not survive a court challenge.
Hats off to @jespow for building Kraken for 11 years, with many contributions to the industry. Like raising a kid, a founder has to let go sooner or later. All the best! 🫡
https://t.co/9ke7rIsKnv— CZ 🔶 Binance (@cz_binance) September 21, 2022
Binance CEO, Changpeng “CZ” Zhao, reacted to the news through a tweet on his account. According to CZ, Powell has made a significant contribution to the industry and wished him the very best.
