Kraken Appoints Co-CEO as Exchange Cuts 15% of Workforce

Twitter icon  •  Published 1 month ago on October 31, 2024  •  Nikolas Sargeant

Crypto exchange Kraken names Arjun Sethi co-CEO while reducing staff by 400, including top executives, amid organizational restructuring.

Kraken Appoints Co-CEO as Exchange Cuts 15% of Workforce

Kraken, a major cryptocurrency exchange, announced Wednesday the appointment of Arjun Sethi as co-CEO alongside Dave Ripley, while simultaneously implementing a 15% workforce reduction affecting 400 employees.

The restructuring includes the departure of Chief Operating Officer Gilles BianRosa and Chief Technology Officer Vishnu Patankar. Sethi, who served on Kraken's board for nearly 4 years, joins Ripley, who became CEO in 2023 following founder Jesse Powell's departure.

Strategic Organizational Shift

In a Wednesday blog post, Sethi and Ripley acknowledged organizational challenges: "We fell into the trap of building organisation layers." They emphasized a new focus on keeping top talent engaged in development rather than management.

Key points from the announcement:

  • Net revenue exceeded $1 billion
  • Shift from management-heavy structure
  • Focus on direct contributor engagement

Crypto Industry Adjustments

The changes at Kraken reflect broader industry movements:

  • Earlier plans to raise $100m for potential IPO remain pending
  • Consensys cut 20% (160+ employees)
  • dYdX reduced core team by 35%

These organizational changes come during a robust crypto market period, with Bitcoin trading around $72,256, showing a 7% weekly gain and approaching new highs.

The restructuring signals Kraken's commitment to streamlining operations while maintaining growth momentum in the evolving crypto landscape.

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Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.