Bitcoin Miner Riot Blockchain Names Its Head of Corporate Operations as New CFO

CoinDesk - Unknown
A close-up of one of Riot’s mining rigs. (Riot Blockchain)

One of the largest publicly traded bitcoin miners, Riot Blockchain, appointed Colin Yee, its current head of corporate and financial operations, as the new CFO, effective Aug. 15.

  • “We are pleased that Riot’s current operational momentum will continue unabated as Colin Yee steps in as our new CFO to help the company achieve and exceed its strategic goals,” Les said.
  • The change in CFO comes as the shares of the miner have fallen about 72% this year, inline with its peers Core Scientific and Marathon Digital. The bitcoin mining industry has been rocked by bitcoin’s declining price since last November.
  • On May 10, Riot reported its first quarter earnings where its revenue missed estimates but the miner maintained its hashrate guidance of 12.8 exahash per second (EH/s).
  • The current CFO Jeff McGonegal will retire from his position as CFO and move into a new role as senior advisor to Riot on the same day, according to a statement.
  • McGonegal is expected to remain employed by Riot through the terms of his employment agreement, ending Feb. 7 of next year, to ensure a smooth transition. After that he is expected to enter into a consulting agreement with the miner
  • “Jeff McGonegal is our longest-serving employee and has contributed greatly to the Company over the years,” said Jason Les, CEO of Riot. “We are pleased that he will remain a Senior Advisor to the Company to ensure a smooth and orderly transition, and continue to be a part of our team.”
  • Yee, who is a chartered professional accountant (CPA) joined Riot as head of corporate and financial operations in April 2022.
  • Prior to Riot, he was the COO and CFO of a family office with controlling interests in companies focused on construction and geothermal systems, according to the statement.
  • On March 23, Riot’s former chief operating officer, Megan Brooks-Anderson, exited her position after one year at the company.