Alex Appleton resigned from his positions as chief financial officer and executive director of Argo Blockchain on Feb. 1, 2023, the Bitcoin miner said in a filing with the SEC1. The filing listed the resignation as following “the successful completion of the sale of the Helios facility to Galaxy Digital Holdings Ltd.” on Dec. 29, 2022, and said Appleton was leaving "to pursue other opportunities". “I am very proud of what we have achieved over my time with Argo. The business has great potential, and I wish the Argo team all the best for the future,” Appleton said.
Four of Argo Blockchain's 14 leadership moves on the record came in 2023, its busiest year
Leadership moves CryptoLately has verified at Argo Blockchain, by year
- 2023: 4
- 2020, 2021, 2022, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2020 | 3 |
| 2021 | 2 |
| 2022 | 1 |
| 2023 | 4 |
| 2024 | 1 |
| 2025 | 3 |
Eight executive exits on the record in 2023
Executive exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2023: 8
- 2019, 2020, 2021, 2022, 2024, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 6 |
| 2020 | 1 |
| 2021 | 9 |
| 2022 | 9 |
| 2023 | 8 |
| 2024 | 11 |
| 2025 | 20 |
| 2026 | 27 |
The move
Argo filed the news as an exhibit to a Form 6-K with the SEC, dated Feb. 1, 20231. Then-CEO Peter Wall thanked Appleton in the same filing for “his hard work and significant contributions during his two and a half years with the Company”. Bitcoinist reported on Feb. 10 that Argo “announced on February 1 that Alex Appleton, former CFO of the Argo Blockchain, has resigned,” and that he would “focus on other opportunities that do not relate to the crypto-mining sector”2.
Why resign right after the Helios sale closed rather than before it? The filing ties the two events together directly, crediting the deal's completion as the moment that let Appleton step away1. Bitcoinist placed the resignation inside a run of financial pressure on Argo: the company had lost “more than 50% of its stock prices after reporting a negative cash flow” in 2022, had suspended trading on the Nasdaq Global Select Market on Dec. 27, 2022 to assess its finances, and carried close to $80 million in debt before the Helios sale brought in $65 million toward paying it down2.
Argo Blockchain before and after
In the filing, Argo said it had engaged a search firm to find Appleton's replacement and brought in BDO Canada LLP to support Chief Operating Officer Seif El-Bakly, CFA, with accounting and advisory work during the search1. A consulting basis filled the role rather than an interim CFO, the filing indicated. Eight days later, Argo's Feb. 9 statement added that CEO Wall and board member Sarah Gow were also departing, with El-Bakly stepping up to interim CEO and Matthew Shaw becoming chairman2.
Bitcoinist tied the run of departures to the shareholder lawsuit Argo faced in January 2023, which alleged the company had made false statements and omitted information about its capacity constraints and hidden costs2.
What came next
The CFO search ended on April 4, 2023, 62 days after Appleton's resignation4. Its pick was Jim MacCallum, then chief financial officer of East Side Games Group. Argo named Thomas Chippas, the former head of CBOE Digital, as its new chief executive effective Nov. 27, 2023, 299 days after Appleton's resignation became public, The Block reported3. Chippas had previously founded and run the crypto trading platform ErisX, which CBOE acquired in October 2021, and had also served as a managing director at Citigroup, Barclays and Deutsche Bank. “Tom is a proven technology and financial leader who will work with the Argo leadership team to drive operational excellence and stakeholder value,” Argo Chairman Shaw said of the appointment.
Sources
- Argo Blockchain plc, "Change in Executive Management," filed with the SEC as an exhibit to Form 6-K, Feb. 1, 2023, https://www.sec.gov/Archives/edgar/data/1841675/000165495423001121/a4859o.htm
- Beenish Khan, "Argo Blockchain CEO Steps Down Days After CFO's Resignation," Bitcoinist, Feb. 10, 2023, https://bitcoinist.com/argo-blockchain-ceo-steps-down/
- James Hunt, "Argo Blockchain appoints former CBOE Digital head Thomas Chippas as CEO," The Block, Nov. 27, 2023, https://news.google.com/rss/articles/CBMiuAFBVV95cUxOLWpMMXBSTTNwdDNTQmNRN2ZSZ2ZraDB4aVFBOEdIOXRrQTlxc2w4S0lKRnpBd18xUVp1QnU4MlJTTG9wcjFRSlZuYkoxX3VBc0RSY1pRTnJHcDc2VUl1QWVaclZpUEgyVWVIOXAtWnhVQUNCUnJsNWl3Mnd2Z09uV0pCQTFEdU1IaUhON21uOTRQcmlDUGN6UUlxM043X2lKMjcwVGZybzFHYnJ5Ql9idUszdzB3eERM?oc=5
- Argo Blockchain plc, "Appointment of CFO & March Operational Update," filed with the SEC as an exhibit to Form 6-K, Apr. 4, 2023, https://www.sec.gov/Archives/edgar/data/1841675/000165495423004304/a2345v.htm