Kraken CEO Jesse Powell to Step Down After More Than a Decade

The chief executive officer (CEO) and co-founder of major cryptocurrency exchange Kraken, Jesse Powell, is stepping down after more than a decade of corporate leadership.

This is yet another leadership change at the crypto-related company over the past few months.

• according to a Press release On Wednesday (August 21, 2022), Kraken’s Chief Operating Officer (COO) Dave Ripley will succeed Powell as the new CEO. Ripley will assume the top executive position once the company gets a new chief operating officer.
• Meanwhile, Kraken’s largest shareholder, Powell, will remain chairman of the company’s board. The co-founder decided to step down more than a year ago, with the exchange looking for a suitable replacement before choosing Ripley.
• According to a statement from the former Kraken boss:

“Dave’s proven leadership and experience give me great confidence that he is an ideal successor and the perfect person to lead Kraken through the next era of growth. I look forward to spending more time on the company’s products, User experience and wider industry advocacy.”

• Back in June, Powell debated some employees who seemed to focus solely on “small problems and first-world problems” rather than prioritizing the company’s mission. Unhappy employees can choose to leave the company, Kraken bosses said.
• Meanwhile, Powell joins the list of CEOs who have recently stepped down. Michael Moro of crypto brokerage Genesis and Michael Saylor of MicroStrategy have both stepped down from their leadership roles over the past few months.