Kraken CEO Jesse Powell resigns after more than a decade

Jesse Powell, the CEO and co-founder of crypto exchange Kraken, will step down from his position and make way for Dave Ripley.

Powell resigns

Jesse Powell, the chief executive officer (CEO) and co-founder of major cryptocurrency exchange Kraken, will step down after more than a decade.

According to a press release, Dave Ripley, Kraken’s Chief Operating Officer (COO), will replace Powell as the new CEO. Ripley will assume the top position once the company gets a new COO.

Meanwhile, Powell, who is Kraken’s largest shareholder, remains chairman of the company’s board of directors. The co-founder made the decision to step down more than a year ago, with the exchange looking for a suitable replacement before choosing Ripley.

Kraken’s Mission

Dave’s proven leadership and experience give me great confidence that he is the ideal successor and person to lead Kraken through the next era of growth. I look forward to devoting more of my time to the company’s products, user experience, and broader industry advocacy.

– Jesse Powell

In June, Powell argued with some employees who seemed to be focusing on “small things and first-world problems, rather than prioritizing the company’s mission. The Kraken boss said employees who are unhappy have the choice to leave the company.

Powell joins the list of CEOs who have stepped down in recent times. Michael Moro of crypto brokerage Genesis and Michael Saylor of MicroStrategy have dropped their leadership roles in recent months.

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