Core Scientific Appoints a New President
• Crypto hosting and mining company Core Scientific (CORZ) has appointed crypto veteran Adam Sullivan as its new president.
• Sullivan spent the past six years in various roles at financial services firm XMS Capital Partners, where he was most recently managing director and head of the digital asset and infrastructure group.
• Todd DuChene, Core Scientific’ current president, will become chief legal officer and chief administrative officer.
Background
Core Scientific is one of the largest publicly traded crypto mining companies in the U.S., however in December it filed for bankruptcy after a year of low crypto prices and high energy prices. Despite this, the company continues to mine bitcoin (BTC) during the bankruptcy process as its cash flows remain positive.
Adam Sullivan’s Role
Adam Sullivan will work on financial and strategic matters at Core Scientific, including working with customers, suppliers and creditors as well as help with the reorganization of the company’s management team. He will be joined by Todd DuChene who will take on the role of Chief Legal Officer and Chief Administrative Officer leading corporate, legal, financial and administrative tasks.
The Significance of This Move
This move is significant for Core Scientific as they look to move forward from their bankruptcy filing while still continuing to mine Bitcoin amidst challenging market conditions. The experience that Adam Sullivan brings from his previous roles should prove invaluable in helping to ensure that Core Scientific remains a successful enterprise going forward.
Conclusion
Core Scientific have appointed Adam Sullivan as their new President in order to help ensure success going forward despite their recent bankruptcy filing and difficult market conditions. Alongside him is Todd DuChene who will become Chief Legal Officer and Chief Administrative Officer leading important corporate functions within Core Scientifcic’s operations