Galaxy Digital Appoints Tony Paquette as New Chief Financial Officer
Investment management firm Galaxy Digital Holdings Ltd (TSE: GLXY) has announced Tony Paquette as its new Chief Financial Officer (CFO). This appointment is significant as the company aims to strengthen its position in a competitive market.
A Veteran Joins Galaxy Digital
Paquette brings over 25 years of experience in financial services and fintech. His previous role as CFO at Point72, a hedge fund management company, involved overseeing global operations, finance, treasury, and broker relations. He has also held leadership positions at SoFi, JPMorgan Chase, and Bank of America.
Founded in 2018 by Mike Novogratz, Galaxy Digital has quickly established itself in crypto investments and digital infrastructure. The firm launched a spot Bitcoin ETF this year in partnership with Invesco, showcasing its growth in an evolving industry.
Novogratz emphasized that Paquette's appointment is vital for Galaxy’s expansion, stating his extensive financial management experience will enhance the firm's infrastructure and global business scaling.
Paquette highlighted Galaxy's strong reputation in digital assets and technology, expressing his commitment to building on its solid financial foundation to reach new milestones.
Global Trend: Industry Leaders Fuel Growth with Veteran Appointments
Paquette succeeds Alex Loffe, who has served as CFO for nearly four years and will transition to a senior advisory role in January 2025. Novogratz acknowledged Loffe’s contributions in preparing Galaxy for a potential U.S. public listing and guiding it through periods of growth and market volatility. Under Loffe’s leadership, the company expanded its Bitcoin holdings with a $23.4 million acquisition in August.
The trend of hiring experienced executives is prevalent across financial services and crypto firms, aiding them in strengthening operations and navigating emerging markets. For instance, in 2021, Coinbase Global Inc (NASDAQ: COIN) appointed Alesia Haas as CFO, leveraging her expertise from Goldman Sachs. Additionally, Kraken appointed David Ripley as CEO to address regulatory challenges based on his background in corporate strategy and risk management.
Before its closure, BlockFi hired Zac Prince as CEO in 2020 to enhance its lending services. These strategic moves illustrate how companies are reinforcing their teams with leaders capable of driving growth amid competitive pressures in the financial and crypto sectors.