September 27, 2022

Jesse Powell, the chief executive officer (CEO) and co-founder of major cryptocurrency exchange Kraken, will step down from his position after leading the company’s operations for more than a decade.

This is yet another leadership change at cryptocurrency companies in recent months.

  • According to a Media Release on Wednesday (August 21, 2022), Dave Ripley, Kraken’s Chief Operating Officer (COO), will replace Powell as the new CEO. Ripley will assume the top executive position when the firm gets a new COO.
  • Meanwhile, Powell, Kraken’s largest shareholder, will remain chairman of the company’s board. The co-founder made the decision to step down more than a year ago, and the stock market searched for a suitable replacement before selecting Ripley.
  • According to a former Kraken boss:

“Dave’s proven leadership and experience give me great confidence that he is 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, customer experience and broader industry advocacy.”

  • Back in June, Powell argued with some employees who seemed to be focusing on “minor minutiae and first world problems” instead of prioritizing the company’s mission. Kraken’s boss said disgruntled employees had the choice to leave the company.
  • Meanwhile, Powell joins the list of CEOs who have resigned in recent times. Michael Moro of crypto brokerage firm Genesis and Michael Saylor of MicroStrategy have left their leadership roles in the past few months.

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