Cardano Chairman Steps Down to Relief of IOHK and Emurgo CEOs

Cardano’s hierarchy has been significantly rearranged. Charles Hoskinson, co-founder of Ethereum, and CEO of IOHK, the blockchain company behind cryptocurrency Cardano (ADA), stated “The Babylonian Captivity of Cardano Has Ended.” Via a Twitter post and public statement, Michael Parsons, the former chairman, has stepped down from his role willingly and effective immediately, Pascal Schmid, Council Member, is to take over as Chairman of the Foundation Council until the situation has settled.

The Cardano Foundation tweeted on the social platform:

“We can announce that there has been a change in the Cardano Foundation Council. Michael Parsons has resigned with immediate effect, Pascal Schmid takes over as Chairman on an interim basis.”

Cardano is backed by three entities, IOHK, Emurgo and the Cardano Foundation, which would divide the responsibilities of raising funds, managing development, encouraging adoption and addressing the concerns of the community, instead of having one super entity. It seems that Parsons’ resignation was most like caused by the community, as many were vocal about the company’s poor performance as well as by the other two entities, Hoskinson speaking for IOHK and Ken Kodama for Emurgo. Back in October 12, 2018, Hoskinson and Kodama released an open letter to address their dissatisfaction with the direction Cardano was heading.

Regarding Parsons resignation, Hoskinson showed his relief as the Foundation was experiencing a strained relation with the community and this change will allow some breathing room.

The IOHK CEO stated :

“Now that Parsons is gone, the Foundation needs to work very hard to restore its trust, faith, and credibility within the Cardano community… The Foundation also needs to be a good citizen within the Swiss jurisdiction and my belief is that it needs to make some investments to build up its presence in the region.”

For the interim, Pascal Schmid will fill the seat of chairman. The Foundation did also note in their public statement that they are currently seeing a “suitable persons,” to completely fill the role.