Jesse Powell Leaving Kraken

Jesse Powell, the chief executive officer (CEO) and co-founder of major cryptocurrency exchange Kraken, will step down from his position after leading affairs at the company for more than a decade. This is yet another leadership change in crypto-related companies in the past several 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 top executive position once the firm gets a new COO.

Meanwhile, Powell, the Kraken’s largest shareholder, will remain chairman of the company’s board. The co-founder made the decision to step down over a year ago, with the exchange searching for a suitable replacement before choosing Ripley.

According to a statement by the former Kraken boss, ““Dave’s proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time on the company’s products, user experience, and broader industry advocacy.”

Back in June, Powell debated with some employees who seemed to focus on “minor slights and first world problems” rather than prioritize the firm’s mission. The Kraken boss said that unhappy employees had a choice to leave the company.

Meanwhile, Powell joins the list of CEOs who have recently stepped down. Michael Moro of crypto brokerage firm Genesis and MicroStrategy’s Michael Saylor exited their leadership roles in the past few months.