Riot Platforms Launches Website For Bitfarms Board Of Directors Reshuffle

Riot Platforms launched a website for the reshuffle of the board of directors of Bitfarms (Photo; Doc. Thecryptocurrencypost)

JAKARTA - Riot Platforms has just launched a special website to notify shareholders of the company's governance issues at Bitfarms and Riot's plans to overhaul board of directors. This move is part of Riot's firm strategy to accelerate the acquisition of Bitfarms, marking significant changes in their approach.

Riot Platforms launched a new website, www.ABetterBitfarms.com, to gather support for their proposal in overhauling the board of directors of Bitfarms. The initiative aims to educate shareholders about the lack of governance felt in Bitfarms and Riot's strategy to introduce new leadership.

Reporting from Crypto News, in a recent press release, Riot encouraged Bitfarms shareholders, employees, and other stakeholders to visit the website for updates, share their views anonymously, and learn more about Riot's efforts to introduce directors with new perspectives, strong corporate governance skills, and extensive experience in executive management as well as the role of director of public companies.

The recently launched website aims to educate shareholders about the importance of corporate governance reforms and outline Riot's vision for the updated Bitfarms board. The site is also a platform for Riot to communicate directly with shareholders, provide transparency and clarity on the proposed changes and the expected benefits.

Riot, which owns 14.9% of shares in Bitfarms, announced on June 24 their plans to replace three members of the Bitfarms board with independent directors. The move comes after Riot formally requested a special meeting of shareholders, highlighting their concerns about the governance of Bitfarms companies and efforts to maximize the value of shareholders.

Shareholders will choose to dismiss and replace Nicolas Bonta Chairman and Finkielsztain Director, as well as fill the void left by co-founder Emiliano Grodzki.

In response to Riot's actions, Bitfarms appointed Fanny Philip as an independent board member on June 28, amid ongoing conflict. Philip fills the void left by Grodzki's departure, after the latest Annual and Special General Meeting of Shareholders.

This appointment follows the current board's decision to block Riot's efforts to increase its share ownership by more than 15%.

Riot submitted a request for a council reshuffle on the grounds of several main things, including wrong handling of the CEO succession, inadequate response to acquisition proposals, and the implementation of a shareholder rights plan without sufficient support.

Riot has proposed three independent directors: John Delaney, the former mayor often; Amy Freedman, former CEO of Kingsdale Advisors; and Ralph Goehring, former CFO in the energy sector.