Bitmain to appoint new CEO as co-founders Wu and Zhan step aside

There’s a new CEO on the horizon for Bitmain, as the two co-founders and co-CEOs Wu Jihan and Zhan Ketuan are planning to step aside, South China Morning Post reports. According to SCMP’s sources, Wang Haichao, current product engineering director, assumed CEO duties in December. Before joining Bitmain, Wang worked from 2010-2017 as a software programmer and product manager at Availink, a Beijing-based semiconductor design house.

While there hasn’t been any timetable for the leadership change, SCMP’s sources claim Wu and Zhan will retain their co-founder positions and will be making final decisions on important matters.

Amid the cryptocurrency industry crunch, Bitmain has had some troubles, and the change might be a move to steer them into clear water. Just last month, the company announced planned layoffs, which may reportedly impact up to 50 per cent of the staff.