China-based bitcoin miner manufacturer Canaan Creative announced the appointment of four new independent directors today, while the tenure for five of its directors comes to an end.
The directors departing the company include Kong Jianping and Sun Qifeng, whose contracts expired on July 31, as previously reported by The Block. In addition, other directors leaving the board include Hong Zhang, Xiaohu Yang and Mei Lou, whose contracts expired on August 1.
The newly appointed executives added to the board of directors are Wenjun Zhang, Hongchao Du, Zhitang Shu and Yaping Zhang, their term at the board commencing August 1.
The board now consists of six members in total, four of whom are independent directors, according to a statement registered with the Securities and Exchange Commission (SEC) in a 6-K form.
While no clear reason has been provided for the shakeup within the board of directors, the restructuring appears to be in response to internal management disputes over the company’s long-term strategic plans, as previously reported by numerous Chinese media outlets.