Argo Blockchain Names Thomas Chippas as CEO

Argo Blockchain, a global leader in cryptocurrency mining, announced the appointment of Thomas Chippas as its new Chief Executive Officer (CEO) and Director, effective immediately.

Chippas brings nearly 30 years of experience working for some of the world's leading banks and financial technology businesses. Prior to Argo Blockchain, he served as CEO at Cboe Digital as well as a member of its Board of Directors. Also, Chippas has previously held leading roles in a number of well-known financial firms, including Chief Operating Officer at Axoni, CEO at Citadel Technology, and Managing Director at Citi, Barclays and Deutsche Bank.

In addition, Chippas has been a member of TS Imagine's Board of Directors since October 2021.

Thomas Chippas, CEO of Argo Blockchain, commented on the appointment: "I am honored and excited to join Argo. The pace of innovation in the Bitcoin mining industry continues to increase as miners seek ever greater efficiency and capacity in preparation for the Bitcoin halving and beyond. Together with the Argo team, I look forward to pursuing the opportunities ahead."

According to the terms of hiring, Argo Blockchain will grant Thomas Chippas 2.85 million performance share units relating to the Company's American Depositary Shares ("PSUs") in three installments within three years, subject to the continued employment of Chippas and satisfaction of the performance conditions.

Earlier this year, Argo Blockchain released its financial results for the full year 2022, showing the total number of Bitcoin or Bitcoin Equivalent mined of 2,156, an increase of 5% from 2021. Its net loss reached £194.2 million ($240.2 million) during the period, driven primarily by the change in fair value of digital assets, impairment of assets, and losses associated with the firm's divestitures.