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Bitmain cryptocurrency giant may be about to appoint an existing executive to lead the company as a new CEO.
A report by the South China Morning Post quoting people with "knowledge of the matter" said that the "potential successor" of the current co-CEO of the company Jihan Wu and Micree Zhan is Haichao Wang, currently director of engineering of Bitmain product.
Wang has already taken on some of the leadership duties, while Wu and Zhan should remain as presidents and have the "final call" in the company's most important decisions, according to the report.
In November, it was reported that Wu had been ousted by the board of directors of BitMain Technologies Holding Company, the entity that is currently seeking to be listed on the Hong Kong Stock Exchange (HKEX).
A representative of Bitmain, however, at the time refused to change the board, responding to a CoinDesk survey, stating: "There were no departures on board and co-founder Jihan Wu will continue to lead the company as co-chair, along with co-founding CEO, Micree Zhan. "
Bitmain is still awaiting the approval of the Hong Kong Stock Exchange (HKEX) for its initial public offering offer (IPO), filed in September of last year. The HKEX is apparently reluctant to green light the offer, however. Last month, a person involved in the talks told CoinDesk that the exchange is "very reluctant to actually approve these bitcoin mining companies because the industry is so volatile".
The mining giant is also undergoing a series of business changes, including layoffs. Last month, more than 50% of Bitmain's entire staff were asked to leave. An employee of Bitmain currently confirmed the redundancies at CoinDesk, but said that "it is difficult to calculate a precise percentage at this stage".
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