Riot Blockchain Announces CFO Transition Plan
June 01 2022 - 3:30PM
Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain”
or “the Company”), an industry leader in Bitcoin (“BTC”) mining
and hosting, today announced that, after a twenty year tenure with
the Company, Jeff McGonegal will retire from his position as Chief
Financial Officer (“CFO”) and move into a new role as Senior
Advisor to Riot as of August 15th, 2022. Colin Yee, currently
Head of Corporate & Financial Operations, has been selected by
the Company’s Board of Directors to succeed Mr. McGonegal as CFO as
of August 15th 2022, in accordance with Riot’s succession planning
process.
Mr. McGonegal is expected to remain employed by the Company
through the term of his employment agreement ending February 7,
2023 to ensure a smooth transition. At the end of his
employment term, Mr. McGonegal and Riot expect to enter into a
consulting agreement where he will continue supporting the
Company’s strategic growth and operations.
Mr. Yee joined Riot as Head of Corporate & Financial
Operations in April 2022. He is currently responsible for the
overall coordination and scalability of the Company’s corporate and
financial functions, including risk management, information
technology, human resources and financial planning. Mr. Yee
is an experienced business partner and team builder, having
successfully grown businesses by working collaboratively to
implement key processes, reporting tools and internal controls.
Prior to joining Riot, Mr. Yee was the CFO of a mid-market
private equity firm specializing in renewable energy and
infrastructure, the CFO of a publicly traded real estate company in
Canada, and most recently, the COO and CFO of a family office with
controlling interests in companies focused on construction and
geothermal systems. He is a Chartered Professional Accountant
and holds Bachelor of Science and Bachelor of Commerce degrees from
the University of Calgary.
Riot also announced that Ryan Werner, formerly Vice President,
Finance, has been promoted to Senior Vice President and Chief
Accounting Officer of the Company. Mr. Werner is a career financial
professional, serving in leadership positions at UDR Inc., a
S&P 500 multifamily real estate investment trust, and in the
audit practice of Ernst and Young, specializing in publicly traded
companies. He is a Certified Public Accountant and holds a Master
of Accounting & Information Systems degree and a Bachelor of
Science in Accounting & Business Administration degree, both
from the University of Kansas.
“Jeff McGonegal is our longest-serving employee and has
contributed greatly to the Company over the years,” said Jason Les,
CEO of Riot. “He has served as a mentor to our entire
executive team, and has been a critical part of our transformative
growth. 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. We are also 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.”
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and
through Whinstone, its subsidiary, hosting Bitcoin mining equipment
for institutional clients. The Company is expanding and upgrading
its mining operations through industrial-scale infrastructure
development and latest-generation miner procurement. Through Riot’s
subsidiary ESS Metron, the Company engineers and manufacturers
electrical equipment solutions for Bitcoin mining and other
industries. The Company’s headquarters is in Castle Rock, Colorado,
the Whinstone Facility operates in Rockdale, Texas and the
Expansion is in Corsicana, Texas. Riot also has mining equipment
operating in upstate New York under a co-location hosting agreement
with Coinmint, LLC. For more information, visit
www.RiotBlockchain.com.
Safe Harbor
Statements in this press release that are not historical facts
are forward-looking statements that reflect management’s current
expectations, assumptions, and estimates of future performance and
economic conditions. Such statements rely on the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Because such statements
are subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as “anticipates,” “believes,” “plans,”
“expects,” “intends,” “will,” “potential,” “hope,” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements may include, but are not limited
to, statements about the benefits of acquisitions, including
financial and operating results, and the Company’s plans,
objectives, expectations, and intentions. Among the risks and
uncertainties that could cause actual results to differ from those
expressed in forward-looking statements include, but are not
limited to: unaudited estimates of Bitcoin production; our future
hash rate growth (EH/s); the anticipated benefits, construction
schedule, and costs associated with the Navarro site expansion; our
expected schedule of new miner deliveries; our ability to
successfully deploy new miners; M.W. capacity under development; we
may not be able to realize the anticipated benefits from
immersion-cooling; the integration of acquired businesses may not
be successful, or such integration may take longer or be more
difficult, time-consuming or costly to accomplish than anticipated;
failure to otherwise realize anticipated efficiencies and strategic
and financial benefits from our acquisitions; and the impact of
COVID-19 on us, our customers, or on our suppliers in connection
with our estimated timelines. Detailed information regarding the
factors identified by the Company’s management which they believe
may cause actual results to differ materially from those expressed
or implied by such forward-looking statements in this press release
may be found in the Company’s filings with the U.S. Securities and
Exchange Commission (the “SEC”), including the risks, uncertainties
and other factors discussed under the sections entitled “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
of the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2021, as amended, and the other filings the
Company makes with the SEC, copies of which may be obtained from
the SEC’s website, www.sec.gov. All forward-looking statements
included in this press release are made only as of the date of this
press release, and the Company disclaims any intention or
obligation to update or revise any such forward-looking statements
to reflect events or circumstances that subsequently occur, or of
which the Company hereafter becomes aware, except as required by
law. Persons reading this press release are cautioned not to place
undue reliance on such forward-looking statements.
Trystine Payfer
Riot Blockchain, Inc.
303-794-2000 ext. 118
PR@riotblockchain.com
Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
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