The new CEO Tory Green hinted that the company plans to build on the foundation that the last Shadid set forth.
Io.net, the Solana-based decentralized infrastructure provider, is gearing up for the launch of its native token on Binance Launchpad. The launch is slated for Tuesday, June 11, as part of its plans to become the world’s largest AI compute network.
Amid the enthusiasm, however, the firm has replaced its CEO and co-founder Ahmad Shadid. Shadid, who shared the announcement via his X account, detailed the circumstances surrounding his departure, while also naming fellow co-founder and former COO Tory Green as his replacement.
Ahmad Shadid Shares Reasons for Stepping Down
In an attempt to clear the air and put some speculations about his departure to bed, Shadid has issued an explanation for his decision. He says that the firm remains dedicated to growth and success, and that’s all that the decision is about. His X post reads in part:
“While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net move forward without distraction and to focus on its growth and success.”
The speculations border on the timing of the resignation coming just two days before the token launch. However, Shadid again responded that he made the best decision for the IO community on X. “It’s not about me anymore. It’s about all of you,” he noted.
In good faith, Shadid also announced that he plans to personally donate one million of Io.net’s soon-to-be-launched tokens from his pocket. That is, towards the company’s Internet of GPUs Foundation to “help grow the ecosystem.”
The new CEO Tory Green has also buttressed Shadid’s points. He hinted that the company plans to build on the foundation that the last CEO established. His statement reads partly:
“Going forward, we will continue to execute on the vision that Ahmad set forth when he founded io.net.”
Io.net Faces Criticism
Shadid mentioned some “allegations” in his statement but didn’t explain, in clear terms, what they are. However, it is worth noting that Io.net has come under heavy criticism by rival decentralized infrastructure providers in the past few months. They query its honesty as regards the services it offers, particularly in terms of the number of GPU chips it claims.
Moreso, Shadid is also alleged to have ties with chiefly Arabic-language crypto projects in the past.
For whatever it might be worth, Shadid stepping down from his role may bring an air of positivity around Io.net. However, questions still remain regarding some of the allegations.
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