Argo Blockchain CEO Thomas Chippas Resigns Effective February 28, 2025
Thomas Chippas has announced his departure as CEO of Argo Blockchain after 14 months, effective February 28, 2025. He joined the company in November 2023 from Cboe Digital.
Leadership Transition
- Chippas will forfeit a compensation package tied to performance milestones due to his early exit.
- CFO Jim MacCallum will serve as interim CEO during the search for a permanent successor.
- The company plans to engage an executive search firm for this purpose.
Company Overview and Financial Challenges
- Argo operates a crypto mining facility in Quebec and has offices in the U.S., Canada, and the U.K.
- Chippas oversaw the early repayment of a loan to Galaxy Digital, improving financial standing.
- In Q3 2024, Argo reported a net loss of $6.3 million and a revenue decline of 28% year-over-year to $7.5 million.
- The company's mining efforts yielded 123 Bitcoin, averaging 1.3 BTC per day, with margins dropping from 58% to 8%.
- Adjusted EBITDA shifted from a positive $2.4 million last year to a loss of $2.1 million.
Matthew Shaw, Chairman of the Board, acknowledged Chippas' contributions and thanked him for his achievements amid ongoing financial difficulties at Argo Blockchain.