Sarah Gow resigned from her board seat at Argo Blockchain on Feb. 9, 2023, the Bitcoin mining company said in a press release1. The Board thanked her for serving since joining in July 2021 and said her departure came "due to health reasons". “It has been a tremendous privilege to serve on the Board of Argo, and I wish the Company every success for the future,” Gow said.
The third board exit at Argo Blockchain on the record since 2020
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 |
Two board exits on the record in 2023
Board exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2023: 2
- 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 | 1 |
| 2020 | 2 |
| 2021 | 4 |
| 2022 | 0 |
| 2023 | 2 |
| 2024 | 4 |
| 2025 | 7 |
| 2026 | 10 |
The move
Gow's resignation reached the public on the same statement that announced two other exits. Chief Executive Officer Peter Wall stepped down "to pursue other opportunities," and the release noted that Chief Financial Officer Alex Appleton had quit the week before1. Bloomberg Law, citing the same Feb. 9 statement, reported that Gow would step down "due to 'health issues'" and that Argo “became among the best-known Bitcoin miners in early 2022 after embarking on an ambitious plan to build one of the largest crypto-mining” operations in the industry2.
Why would a board member's exit land on February 9, the same day as the chief executive's? Argo was fighting a shareholder class-action lawsuit at the time, Bloomberg Law reported, over claims the company had misled investors2. One statement covering both departures meant Argo answered its leadership questions in a single release.
Argo Blockchain before and after
Matthew Shaw took over as Chairman of the Board on February 9, and Chief Operating Officer Seif El-Bakly, CFA, became interim CEO while Argo searched for a permanent replacement1. Shaw praised Wall's tenure in the release. “Peter has created a strong foundation for Argo which is a confident organisation full of talented people, aligned behind a clear strategy and focused on delivering profitable growth and market share gains,” Shaw said. Wall had led the company for three years and had recently closed the sale of its Helios mining facility to Galaxy Digital Holdings.
The Feb. 9 release named a chairman and an interim chief executive but left Gow's board seat unaddressed1. Argo's board on February 9 held Shaw as chairman, while the company kept searching for a permanent chief executive and, separately, a new chief financial officer.
What came next
Argo's search for a chief executive ran through most of 2023. The Block reported that Argo named Thomas Chippas, the former head of CBOE Digital, as its new CEO and a director effective Nov. 27, 2023, 291 days after Gow's resignation became public3. Chippas had also founded and run the crypto trading platform ErisX, which CBOE acquired in October 2021. Argo Chairman Shaw introduced him to the market in terms that echoed his earlier praise of Wall. “Tom is a proven technology and financial leader who will work with the Argo leadership team to drive operational excellence and stakeholder value,” Shaw said. Chippas tied his own appointment to the industry's calendar. “The pace of innovation in the Bitcoin mining industry continues to increase as miners seek ever greater efficiency and capacity in preparation for the Bitcoin halving and beyond,” he said.
Sources
- Argo Blockchain plc, "Executive Management & Board Resignation," Argo Blockchain plc, Feb. 9, 2023, https://www.argoblockchain.com/news-room/2023-february-ceo-resignation
- Suvashree Ghosh, "Bitcoin Miner Argo Has Top Executives, Board Member Resign (2)," Bloomberg Law, Feb. 9, 2023, https://news.bloomberglaw.com/securities-law/bitcoin-miner-argo-says-top-executives-board-member-departing
- 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