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Bitfarms (NASDAQ:BITF) stock is in the news Tuesday after the Bitcoin (BTC-USD) mining company announced Ben Gagnon as its new CEO.

Gagnon is moving up from his prior position of Chief Mining Officer to serve as CEO of Bitfarms. He took on that role in 2020 after he was promoted from Director of Business Development. This is a role he took at the company in 2019 and marked his start with Bitfarms.

Edie Hofmeister, chairman of the independent search committee of the board of directors, said this about the new CEO.

“The Board is confident that Ben is the right person to lead Bitfarms in this next chapter. During his tenure as Chief Mining Officer, Ben played a significant role in the development of Bitfarms’ growth plan, positioning the Company to drive significant value creation.”

Bitfarms notes that its selection of a new CEO is separate from its process of reviewing strategic alternatives. The company’s special committee will continue to evaluate opportunities to maximize shareholder value.

BITF Stock Faces Riot Takeover

Bitfarms is facing ongoing pressure from Riot Platforms (NASDAQ:RIOT) as it’s seeking a takeover of the BTC mining company. Its latest efforts include launching a website criticizing the board of directors at Bitfarms.

BITF stock is down 3.6% as of Tuesday morning. The stock is also down 10% year-to-date.

Investors will want to keep reading for more of the latest stock market news.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/07/bitf-stock-alert-bitfarms-names-new-ceo-as-riot-pushes-for-a-takeover/.

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