- Reportedly, Wang has been in transition training since December 2018
- Jihan Wu and Zhan Ketuan to continue serving as co-founders
- Currently, Wang works as Bitmain’s product engineering director
According to a report by South China Morning Post, published on January 10, 2019, Bitcoin mining company Bitmain’s co-founder Jihan Wu, and Zhan Ketuan are set to make way for the new CEO, named Wang Haichao.
Bitmain to Shuffle its Top Management
Coming from a rollercoaster 2018, Bitmain would hope for a fresh start to 2019, and the recent shuffle at high positions in the company could be an indicator of that.
The pressure was already mounting on Bitmain co-founder and CEO, Wu to resign from his position to due to controversies surrounding Bitmain and his involvement in the infamous Bitcoin Cash hard-fork in November 2018.
Reports emerged on December 31, 2018, regarding the possibility of Wu’s resignation from the CEO position. However, at the time, it was not clear who would be his successor.
However, the latest development on the matter posits that Wu and Zhan’s shoes will be filled by Bitmain’s current product engineering director, Wang Haichao.
Per sources close to the matter, Wang has already taken the reigns from co-founders Wu and Zhan. According to anonymous sources in the company, Wang has been in the transition period since December 2018.
Notably, there is no timetable yet for Wang to officially take over the CEO position from Wu and Zhan. The two, Wu and Zhan will, however, continue to serve as the company’s co-founders in the future.
Once Wang’s promotion to the CEO position is official, Wu and Zhan will steadily move away from the firm’s day-to-day business activities. However, they will still be involved with the decision making body while taking calls on big decisions. Reportedly, the pair has had a difference in opinions regarding certain matters in the past.
Before joining Bitmain, Wang worked as a product manager and software programmer at Beijing-based semiconductor design house Availink from 2010 to 2017. He graduated from Beijing’s Tshingua University, which is considered one of the top educational institutions in China.
Will Bitmain be back to its Past Glory?
The recent fall in the price of cryptocurrencies has made the mining business a little less appealing. Miners around the world have had a tough few months in recent past, and it could extend if the bears continue to dominate the market.
The company’s highly anticipated IPO also fell into jeopardy following the huge losses recorded in Q2 of 2018.
While the mining business seems to be drying up all over the world, it will be interesting to see how the new CEO turns the wheels of fortune for Bitmain in the right direction.