Circle Internet Group (NYSE: CRCL), the issuer of the USDC stablecoin, disclosed in a September 25 securities filing that Chief Financial Officer Jeremy Fox-Geen will step down by the end of the year and that co-founder P. Sean Neville has resigned from the board. The leadership changes were detailed in a Form 8-K filed with the U.S. Securities and Exchange Commission and reduce the board from eight to seven directors.
CFO transition through year-end
Fox-Geen notified the company on September 25 of his intention to step down but will continue as chief financial officer through December 31, 2026, or until a successor is appointed, to support the transition. Circle has begun a search for its next CFO with the help of a leading executive search firm and said his departure did not result from any disagreement over the company’s operations, policies, or practices. He will also remain eligible for company benefit plans during the transition.
Under a Post-Termination Restrictive Covenant Agreement, Fox-Geen will keep his $500,000 annualized base salary through the transition, remain eligible for a 2026 incentive award targeted at 110% of base salary, and continue vesting in outstanding equity awards. In exchange for restrictive covenants and a release, Circle will pay him $1,050,000 in equal monthly installments over 12 months, accelerate two additional months of restricted stock unit vesting, and extend by 12 months the post-termination exercise period for his outstanding non-qualified stock options. The agreement also includes a 24-month non-solicitation and non-hire covenant and a 12-month non-compete clause.
Co-founder departs the board
The filing also disclosed that Neville, a co-founder who had served on the board since 2016, resigned effective September 25 for personal reasons. Circle described the move as part of an orderly process of board refreshment and said it was not due to any disagreement, leaving the board with seven directors.
A leadership reset at the stablecoin issuer
The changes arrive as Circle has deepened its reach across the industry, including a $100 million strategic investment from Binance and new bitcoin-backed USDC borrowing for institutions, both announced this week. The company issued a press release the same day announcing Fox-Geen’s departure, and President Heath P. Tarbert signed the filing, which was made under Securities and Exchange Commission disclosure rules for public companies.
