Matthew Schultz's move from chief executive of CleanSpark to chairman became public on October 9, 2019, when S&P Capital IQ summarized a company filing2. The filing put his resignation as CEO on October 4, 2019, when Zach Bradford, then president and chief financial officer, took the role in his place. CleanSpark's own press release followed on October 10, 20191. Schultz had co-founded CleanSpark and led it as CEO for five years. “As a co-founder and CEO of CleanSpark, I have been able to oversee the company's evolution and progress from concept to a fully functional military and commercial product,” he said.
Four leadership moves at CleanSpark on the record since 2019
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| Oct. 9, 2019 | Bradford became CEO. Zach Bradford was named Chief Executive Officer of CleanSpark |
| Oct. 9, 2019 | Schultz left as CEO. Matthew Schultz left as Chief Executive Officer of CleanSpark |
| Aug. 11, 2025 | Bradford left as CEO. Zachary Bradford left as Chief Executive Officer of CleanSpark |
| Aug. 11, 2025 | Schultz became CEO. Matt Schultz was named Chief Executive Officer of CleanSpark |
Seven CEO exits on the record in 2019
CEO exits CryptoLately has verified, by year
- 2019: 7
- 2016, 2017, 2018, 2020, 2021, 2022, 2023
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 |
|---|---|
| 2016 | 2 |
| 2017 | 3 |
| 2018 | 2 |
| 2019 | 7 |
| 2020 | 9 |
| 2021 | 5 |
| 2022 | 18 |
| 2023 | 11 |
The move
Schultz tied his own exit from the CEO chair to the company's push for profitability. “In parallel with our development as a company, the microgrid megatrend has evolved together with the need for energy intelligence software and hardware to manage multiple energy sources and maximize savings and security,” he said, before naming the handoff itself: “I will be moving from my CEO position into the role of Chairman of the Board so that I can better serve the shareholders of the company”1.
Why would a founder trade the chief executive title for a chairman's seat rather than leave outright? Schultz stayed inside the company and kept steering its board. He framed the move as part of a broader governance overhaul rather than a departure. “We are also realigning our Board of Directors and expanding the Board to improve independence as part of our Environmental, Social and Governance (ESG) effort,” he said1.
CleanSpark before and after
Schultz's move coincided with a reshuffled board and executive team. CleanSpark added two new independent directors, Roger P. Beynon and Dr. Thomas Wood, to build a board with a majority of independent members, the release said1. Larry McNeill, the previous chairman, stepped down from that role but stayed on the board, and co-founder Bryan Huber moved from chief operating officer to a new post, chief innovation officer. Schultz endorsed his successor directly in the same statement. “Zach Bradford, who's prior role was President and CFO, will be taking over the CEO position,” he said.
What came next
Schultz's time as chairman outlasted his first run as CEO. CleanSpark grew into a Nasdaq-listed bitcoin miner, and Schultz returned to the chief executive chair on August 11, 2025, when Bradford resigned as an officer and director, according to a company filing with the Securities and Exchange Commission3. By then Schultz held the title of executive chairman, and the filing credited his earlier tenure with helping raise “billions in capital to fuel the growth of the Company's bitcoin mining business”.
Sources
- CleanSpark, Inc., "CleanSpark Announces Management Shift and Board Additions to Drive Profitability and Commercialization of its Microgrid Technology," GlobeNewswire, Oct. 10, 2019, https://www.globenewswire.com/news-release/2019/10/10/1928091/0/en/CleanSpark-Announces-Management-Shift-and-Board-Additions-to-Drive-Profitability-and-Commercialization-of-its-Microgrid-Technology.html
- S&P Capital IQ, "CleanSpark, Inc. Announces Management Changes," MarketScreener, Oct. 9, 2019, https://www.marketscreener.com/quote/stock/CLEANSPARK-INC-46303597/news/CleanSpark-Inc-Announces-Management-Changes-34126537/
- CleanSpark, Inc., "CleanSpark Appoints Matt Schultz CEO," SEC filing exhibit, Aug. 11, 2025, https://www.sec.gov/Archives/edgar/data/827876/000095017025106224/clsk-ex99_1.htm