Bitcoin.com has its third CEO in three months, following the promotion of Dennis Jarvis (formerly Chief Product Officer) to the highest position.
The founder of the news and cryptoexchange site, Roger Ver, revealed that the change in leadership came amidst a “moral decline” in the company, addressed to all employees on May 20 in an internal memo.
He said former CEO Mate Tokay (appointed just two months ago) would resign immediately and thanked him for his short time in charge. In April, Tokay was announced as “CEO” instead of “CEO in charge”. He will remain Ver’s “right-hand man”.
Before joining Bitcoin.com, the new CEO Jarvis worked at Apple and Rakuten.
A turbulent history
The company has appointed three new CEOs, since Roger Ver left the position of CEO to become president of the company in mid 2019. Company veteran Stefan Rust was the first to take up the post, however a “sudden” reduction in staff in April this year caused Rust to retire, followed by a rumoured 60 other employees a week later.
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During Virtual Blockchain Week, Ver told Cointelegraph about the choice of company:
“With Stefan Rust we were on very peaceful terms and it didn’t turn out to be the right solution in the long run, but we still love and respect him and wish him all the best in the future.
Chaotic times and a moral decline
The latest change in leadership was attributed to the “chaotic” times the industry has faced along with the company’s response:
“I know that sometimes this industry can be chaotic, and we haven’t done enough to mitigate that fact or focus on creating long-term stability, especially lately. I know this has really affected each of you personally. Many of you have spoken, and I thank you for that as well.
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See also announced a simpler executive structure and said it would be based in Tokyo, Japan. Ver has changed its title from Executive President to Founder and promised to be less participatory:
“Now it is more necessary than ever that I once and for all take a step back in the active day-to-day management of Bitcoin.com. I have not taken this decision lightly given the current circumstances, but I believe it is the best way to help rebuild morale”.
Summary of Virtual Blockchain Week
At the Blockchain Virtual Week, Cointelegraph asked See if his “hands-on” approach had been a factor in Rust’s departure:
“I’m still pretty hands-on even though I’m looking to have a little more private time in my life, it’s been, you know, almost 10 years full-time every day and the goal was to hire a different Bitcoin Code – Bitcoin Circuit – Bitcoin Billionaire – Bitcoin Profit – Immediate Edge – Bitcoin Trader – The News Spy – Bitcoin Era – Bitcoin Evolution – Bitcoin Revolution so that I would have a little more private time in my life. That hasn’t worked out that way yet. I still have hope and optimism that at some point, that will be the case, but it hasn’t worked out that way yet.