Home / Ethereum / Jihan Wu drops down as CEO of Bitmain, the Chinese media

Jihan Wu drops down as CEO of Bitmain, the Chinese media

Jihan Wu, the successful business man who turned Bitmain into an empire in the cryptography world, is about to reach the end of his career as CEO of that company.

According to an article published by the South China Morning Post, the board of directors of Bitmain decided to raise Jihan Wu and Ketuan Zhan from their positions as head of the company.

Everything seems to indicate that the potential successor of the two will be Haichao Wan, who currently holds the role of technical director of the product. Although the information was made public recently, an unidentified source said that Wan had already assumed the responsibilities of Jihan and Ketuan Zhan on a transitional basis since December.

Although the company has maintained a strict level of secrecy, the probable cause of this movement may have been the substantial economic loss generated by the management of Jihan Wu after the unfortunate decision to support BCH in the famous war mining power from BTC to BCHABC.

In addition to this bad decision, the failure of Bitmain's IPO development at the end of last year may have also generated a bad image for Jihan Wu, who could not keep the company afloat in the downtrend of 2018.

Despite their current positions, Jihan Wu and Ketuan Zhan will continue to work with Bitmain, taking on other managerial duties. The company refused to provide further information on what will be the new roles of its former directors. Wang Haichao can not be contacted to give his opinion.

The SCMP explains that Wu and Zhan still hold significant holdings in the company and therefore should not withdraw completely:

"Wu and Zhan, who founded Bitmain in 2013, hold respectively 21% and 37% of the company, according to the IPO prospectus.According to a two-class shareholder structure, both have 10-1 rights to vote compared to ordinary shareholders. "

Although Jihan Wu has not confirmed or denied the rumors, his biography on Twitter no longer describes him as CEO of the famous company. bio of Micree he still shows him as CEO; However, he has not tweeted since 2017

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