Riot Platforms said on Feb. 12, 2025, that director Hubert Marleau would retire from its board at once, in the same filing that added three new directors1. Data Center Dynamics reported the retirement on Feb. 13, 2025, and framed it as part of a board overhaul that followed months of pressure from two activist investors2. Riot's filing stayed silent on a specific reason for Marleau's exit, beyond the broader board changes.
The second board exit at Riot Platforms on the record since 2025
Leadership moves CryptoLately has verified at Riot Platforms, by year
- 2025: 6
- 2021, 2022, 2023, 2024, 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 |
|---|---|
| 2021 | 1 |
| 2022 | 2 |
| 2023 | 0 |
| 2024 | 0 |
| 2025 | 6 |
| 2026 | 2 |
Seven board exits on the record in 2025
Board exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2025: 7
- 2019, 2020, 2021, 2022, 2023, 2024, 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 | 1 |
| 2020 | 2 |
| 2021 | 4 |
| 2022 | 0 |
| 2023 | 2 |
| 2024 | 4 |
| 2025 | 7 |
| 2026 | 10 |
The move
Riot's exhibit filed with the Securities and Exchange Commission said “current directors Hannah Cho and Hubert Marleau will be retiring from the Board” and that the changes were "all effective immediately"1. Benjamin Yi, Riot's executive chairman, singled out Marleau's service in the same statement. “I would also like to thank Hannah and Hubert on behalf of the entire Board for their significant contributions during their time as directors,” Yi said. “Their roles in the growth and evolution of Riot have been instrumental and we are grateful for their service to Riot and our shareholders.” Data Center Dynamics reported the three incoming directors as Jaime Leverton, Doug Mouton and Michael Turner. Each brought data center or real estate experience2.
The activist campaign that preceded it
Activist investor Starboard Value took "a significant position" in Riot in December 2024, Data Center Dynamics reported. Starboard urged Riot to change course, the outlet reported2. D.E. Shaw followed with its own stake in January 2025, the outlet reported. Riot then launched a formal evaluation of 600 megawatts of spare capacity at its Corsicana, Texas, facility. Riot's filing confirmed the new directors were selected through a process that drew “constructive, independent input from each of Starboard Value LP and The D. E. Shaw Group”1. Riot had stayed out of the wider trend of Bitcoin miners turning into AI hosts, the outlet reported, before it revealed early AI/HPC talks around October 2024. Riot's board held six seats after Marleau's exit and the three additions.
What came next
The evaluation process that coincided with Marleau's exit delivered a major tenant within 18 months. Tech Times reported on Aug. 12, 2026, that Riot signed a 20-year, $9.1 billion lease with Anthropic at its Rockdale, Texas, campus3. The lease covers 191 megawatts through June 2048. Two optional five-year extensions could raise its total value to roughly $16.1 billion. Riot also disclosed a nonbinding letter of intent covering its entire Corsicana campus. Riot's chief executive said that deal could exceed $1 billion in annual rent at full deployment. Analysts including Bernstein and Citi raised their price targets on Riot's stock after the Anthropic lease became public, Tech Times reported.
Sources
- SEC EDGAR (Riot Platforms exhibit), "Riot Platforms Announces Changes to Its Board of Directors and Provides Update on Formal Evaluation of AI/HPC Uses," Feb. 12, 2025, https://www.sec.gov/Archives/edgar/data/1167419/000155837025000909/riot-20250212xex99d1.htm
- Sebastian Moss, "Cryptominer Riot Platforms changes board, focuses on AI/HPC pivot," Data Center Dynamics, Feb. 13, 2025, https://www.datacenterdynamics.com/en/news/cryptominer-riot-platforms-changes-board-focuses-on-aihpc-pivot/
- Adrian Parham, "Starboard Predicted $9.1B; Riot Delivered: Anthropic Lease Closes Activist Loop in Six Months," Tech Times, Aug. 12, 2026, https://news.google.com/rss/articles/CBMi2AFBVV95cUxPajJwU1pIeDRyWmZhM0w0UTJQQkhwdjFaQXdRcnRXekNWOFU3TmdiN1RYNDhHdkZ6ZFh4M2p2UHVZN2ZaTUU0ZTBhYVpmQWdIeUtKemVDelpvWWdQYUpZaFFKSmxVdTZTbzdyU1MxcGdoWGN3eVhrNkhUMTN2cUR0RkxHRENDaHAyVGhOQmxXWS1nRm41STlfaGhKRGd2RzJacjlIU1Y3eXBrT0ZJcHBRNm51UkhFWXhUSVBRdW5iU21WaUlqRUxRb2RJUGtMcmdTeVJZVGg5Vm0?oc=5