Kraken CEO Jesse Powell is stepping down after more than a decade

Jesse Powell, CEO (CEO) and co-founder of major cryptocurrency exchange Kraken, will step down after leading the company’s business for more than a decade.

This is another leadership change for crypto-related companies in recent months.

  • According to a press release on Wednesday (August 21, 2022), Dave Ripley, Kraken’s Chief Operating Officer (COO), will replace Powell as the new CEO. Ripley will assume the highest leadership position when the company acquires a new COO.
  • In the meantime, Powell, Kraken’s largest shareholder, will remain chairman of the company’s board of directors. The co-founder made the decision to step down more than a year ago, as the exchange was looking for a suitable alternative before choosing Ripley.
  • According to a statement from the former Kraken CEO:

“Dave’s proven leadership and experience give me great confidence that he is the perfect heir and the best person to lead Kraken through its next growth era. I look forward to spending more of my time on the company’s products, user experience and broader industry work.”

  • Last June, Powell quarreled with some employees who seemed to focus on “less dirt and first world problems” rather than prioritizing the company’s mission. Kraken’s president said dissatisfied employees have the option to leave the company.
  • Meanwhile, Powell joins a list of CEOs who have recently resigned. Michael Morrow of cryptocurrency broker Genesis and Michael Saylor of MicroStrategy have left their leadership positions in recent months.

Kraken CEO Jesse Powell, who will be stepping down after more than a decade, made his first appearance on CryptoPotato.

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