- The Company will expand its Board of Directors to five members and establish an executive advisory board in the second quarter of 2022
“On behalf of the Board of Directors, I want to thank Peter for his dedication to Sphere 3D, guidance in steering the pivot to cryptocurrency mining in 2021, and commitment to a seamless transition,” said Duncan McEwan, Chairman of Sphere 3D. “The board is excited to welcome Ms. Trompeter as the first minority female CEO of a public cryptocurrency mining company. Ms. Trompeter’s strong operational and financial experience will help expedite the growth and optimization of our Company to enable us to grow our mining fleet to an industrial scale and capitalize on the enormous potential of the bitcoin mining industry.”
Mr. McEwan added, “I am proud and humbled to be taking over the Chairman role from Vic (Vivekanand Mahadevan), who will remain on the board as we expand into this high-growth and lucrative industry. We are actively engaged in identifying and adding additional board members and look forward to strengthening our board over the coming weeks.”
“This is an exciting time for Sphere 3D, and it is an honor to be appointed CEO of Sphere 3D at this inflection point for the Company. We are well-positioned to become one of the world’s largest carbon-neutral bitcoin miners, with 6.0 EH/s of capacity under contract and expected to be delivered this year. We are already operating 1,000 S19j Pro miners, and we expect to receive an additional 4,000 S19j Pro miners by the end of Q2 and 55,000 more by year-end 2022,” said Patricia Trompeter, Sphere 3D’s new CEO. “We are in a strong position to grow Sphere 3D and maximize value for our shareholders. I am focused on getting the 60,000 machines operational, building a strong team and raising the profile of Sphere 3D in the markets.”
Peter Tassiopoulos, former CEO of Sphere 3D, commented, “I have been involved in various roles with the Company for the better part of a decade. I am grateful to have had the opportunity to work with so many talented people at Sphere 3D over the years, and I am proud of the Company’s recent accomplishments. I look forward to assisting in any way possible going forward and what the next chapter brings for Sphere 3D in Patti’s capable hands.”
Commitment to Bitcoin
Ms. Trompeter’s compensation will initially be a mix of bitcoin and currency, with her salary paid in U.S. currency and 100% of bonuses paid in bitcoin. Her compensation will transition to 100% bitcoin as the Company grows to scale. The Company will pay the Board of Directors’ compensation predominantly in bitcoin, being one of the first boards to be compensated in Bitcoin.
Board of Directors Changes
The Company also announced that it would expand the board of directors to five members. A search is underway for two new independent board members with relevant experience. Duncan McEwan will transition into the Chairman role, replacing Vivekanand Mahadevan (Vic), who will remain on the board. The board may engage a specialized search firm to help identify appropriate board candidates. Ms. Trompeter will step into a non-independent Board role effective April 5, 2022.
Executive Advisory Board
Ms. Trompeter and the Board of Directors plan to establish an advisory board comprising senior executives from the blockchain, cryptocurrency, and related industries. The advisors will provide strategic input as well as act as a sounding board for the Sphere 3D Board of Directors and leadership team as the Company not only grows its mining fleet but also expands into new areas of cryptocurrency and blockchain.
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