Jesse Powell Steps Down as Kraken CEO, Continues as Chairman

Co-founder of cryptocurrency exchange Kraken, Jesse Powell, is stepping down as CEO, the company announced on Wednesday.

Powell will be replaced by the exchange’s current chief operating officer, Dave Ripley, a press release issued by the firm explained.

Powell, the outspoken leader of the exchange who earlier this year outright told a group of “woke” employees to resign if they feel unhappy, will still remain involved with Kraken. As chairman of the board, Powell will continue advocating for the crypto industry and focus on product development.

On Twitter, Powell called his move a change from Proof-of-Work to Proof-of-Stake, referring to the recent changes on the Ethereum network. He said:

#JesPoS seemed like less work. Kraken is in excellent hands with David Ripley. I’ll continue to be highly engaged as Chairman. Big thanks to the team for trusting me, our investors for taking a chance, and all my industry peers on the front lines.