The chief executive officer (CEO) and co-founder of major cryptocurrency exchange Kraken – Jesse Powell – will step down from his position after more than a decade of leading affairs at the company. This is another monumental leadership change in a crypto-related company over the past several months.

According to a press release which was issued on Wednesday, 21st August 2022, Kraken’s chief operating officer (COO) – Dave Ripley – will replace Powell as the new Chief Executive Officer. Ripley will assume the top executive position once the firm gets a new Chief Operating Officer.

Meanwhile Powell will remain chairman of the company’s board as Kraken’s largest shareholder. The co-founder made the decision to step down over a year ago before the exchange proceeded to mount a search for a suitable replacement which led them to settle for Dave Ripley.

According to a statement by the former Kraken boss – Jesse Powell:

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

Back in June, Jesse Powell had a heated debate with some of Kraken’s employees who seemed to focus on minor slights and first world problems rather than prioritize the firm’s mission. The Kraken boss said that the unhappy employees had a choice to leave the company if they weren’t ready to align themselves with the company’s vision.

Meanwhile, Powell joins the list of CEOs who have stepped down in recent months. Michael Moro of crypto brokerage firm Genesis and MicroStrategy’s Michael Saylor all left their leadership roles in the past few months.

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