Hut 8 Corp (TSX: HUT) has seen a change in leadership just months after completing a merger with US Bitcoin Corp.
The company has seen Jaime Leverton, CEO of Hut 8 since November of 2020, leave the company effectively immediately. Her departure follows the board of directors determining that “the time was right to set a new strategic direction for the company.”
Taking on the role on a go forward basis will be that of Asher Genoot, who was a co-founder of US Bitcoin Corp, and has served as a director of Hut 8 since the completion of the merger.
“Hut 8 is now at a pivotal inflection point, and we believe that Asher is uniquely qualified to accelerate our path to market leadership. There is tremendous potential in the combined Company and the Board is confident that Asher will bring a disciplined, proven approach to unlock this potential,” commented Bill Tai, Chairman of the Board for Hut 8.
The financial details of Leverton’s departure, including related payouts, have yet to be filed by Hut 8. Under her current employment contract with the company, she is entitled to the following:
- (i) any annual bonus awarded in respect of the year preceding the year of termination, but not yet paid;
- (ii) an annual bonus at target, if earned, for the year in which the executive’s employment terminates;
- (iii) 12 months of the executive’s base salary payable over 12 months or, at the option of the Company, as a lump sum payment;
- (iv) continued benefits and perquisites (as existed on the date notice of termination is provided) only for the minimum statutory notice period and thereafter, continued group health and dental benefits for the remainder of the 12-month post-termination period and
- (v) the executive officer’s long-term incentive or other equity awards will be determined in accordance with the terms of the applicable plan and award agreements; provided that with respect to awards that vest (A) solely based on continued service with the Company, such awards shall vest in any tranche scheduled to vest in accordance with the applicable award agreement during the 12-month post-termination period and (B) based on the achievement of performance criteria that occurs during the 12-month post-termination period.
The management change follows the departure of Matt Trusak, Chief Commercial Officer, as of January 1. Trusak’s departure however was part of a planned transition to Celsius’ Bitcoin mining company that is in the process of being formed, for which Hut 8 will provide managed services for.
Hut 8 Corp last traded at $8.99 on the TSX.
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