Bitmain, the world’s largest designer of ASIC chips for Bitcoin mining, founded by Jihan Wu and Micree Zhan in 2013, has found itself making changes to its board of directors. While there were many changes to the board, notably, CEO Jihan Wu has been demoted to a supervisor.
Wu’s demotion to supervisor has stripped him of his voting rights in the company’s affairs. This change will see Wu no longer able to participate in business decision-making. While the responsibilities of being a director have been taken away from him, it has yet to be made know what his role as a supervisor will entail.
As Wu was removed from the board, Zhan Ketuan has replaced his functions and will now act as Bitmain’s executive director and manager. This leaves Ketuan with two members from the previous board as out of the six directors, four of them have initiated their resignation.
As of now, there are no official statements as to the reasoning behind the restructuring. This may seem as an odd time to make this move, as the $12 billion valued company is on the cusp of an IPO to be listed on the Hong Kong stock exchange.