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/biz/ - Business & Finance

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11726540 No.11726540 [Reply] [Original]

Bitmain has reportedly made some changes to its board, with several members quitting the board including the company’s co-founder Jihan Wu. It means that the crypto billionaire may no longer participate in the company’s decision-making.

According to the company information registered in local authority, Beijing-based Bitmain, world’s dominant crypto mining hardware manufacturer, has made a big personnel adjustment to its board last week on November 7, a day ahead of the rollout of Antminer S15.

1

Four out of six directors have quit the board. Zhao Yifeng, Ge Yuesheng, Zhou Feng, who previously served as directors, all quit the board of directors. Hu Yishuo, who previously served as supervisor, also quit the board of supervisors. Wu Jihan became the supervisor from the board’s executive director, while Zhan Ketuan remains to be Bitmain’s executive director and manager.

As a director, Jihan had the right to vote when the board makes decisions. However, after changing to a supervisor, his power becomes smaller that he can no longer vote. As thus, Wu will be unable to participate in the business decision-making but only serve as a supervisor, said a lawyer.

It remains as of unclear whether the company’s board is preparing yet another strategy shift, considering the mining giant has recently been under the spotlight with the rollout of its next-gen bitcoin miner Antminer S15 and the buzz of the upcoming Bitcoin Cash hard fork.

Why did the company have such a sudden and big board shake-up at a critical time when the company’s IPO application is still underway and at the same time Bitcoin Cash hard fork is imminent?

https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board

>> No.11726544

Stiff

>> No.11726548
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11726548

>Why did the company have such a sudden and big board shake-up at a critical time when the company’s IPO application is still underway and at the same time Bitcoin Cash hard fork is imminent?

>> No.11726559
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11726559

>> No.11726584

>>11726548
why? Please tell me judgmental frog

>> No.11726588

>>11726540
>Why did the company have such a sudden and big board shake-up at a critical time when the company’s IPO application is still underway and at the same time Bitcoin Cash hard fork is imminent?
They probably don't want to go to jail.

>> No.11726597
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11726597

>>11726544
based and stiffpilled

>> No.11726606
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11726606

>"quits"
he got booted for being a little bitch

>> No.11726653

Jihan wants to transfer hash power over and couldn’t do it as a board member because of his fiduciary duty to the investors. Now he can.

>> No.11726681

>>11726653
ABCuck logic 101:
>no longer board member
>gains power to redirect client hashpower

>> No.11726694

>>11726653
No way would a chinese person take a demotion. We would lose face and that is most important.