Parity Technologies CEO Resigns, Says Role Was Never One He 'Coveted'

Zinger Key Points
  • Following the announcement, the price of Polkadot’s token fell almost 5%.
  • He will be replaced by his co-founder, Björn Wagner.

Gavin Wood is stepping down as CEO of blockchain infrastructure company Parity Technologies.

He will continue to be the company's principal investor and architect, according to a report.

Wood, who was also a founding member of Ethereum and Polkadot DOT/USD, told Bloomberg News that the role of CEO was never one that he "coveted (and this dates back long before Parity).”

"I can act at being a CEO well enough for a short while, but it’s not where I’m going to find eternal happiness,” Wood said.

Björn Wagner, Parity co-founder, will be the new CEO. Wood and Wagner launched the business together in 2015.

See Also: 'Worth The Fight:' Ripple Labs Hopes Newly Attained Documents Get SEC Off Its Back

Following the announcement, the price of Polkadot’s token fell by around 4%.

In the previous 24 hours, it has now lost almost 5%.

Touted as one of the major "Ethereum ETH/USD killers," Polkadot has seen a decline in its native token of 89.43% from its all-time high.

The company creating the Polkadot blockchain has also hired several new executives, including chief operating officer Eran Barak, a Tel Aviv University-educated computer scientist.

Jutta Steiner, a former co-founder and CEO of Parity Technologies, stepped down from her position in November 2021.

Next: EXCLUSIVE: Crypto Influencer Says FTX CEO A 'Devil' Trying To 'Permanently Ruin' Crypto, Bankman-Fried Tells Benzinga His Proposal Is Clear Win For DeFi

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBitcoinEthereumEthereum 2.0parity technologiesPolkadot
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!