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RIOT Stock Up 22% Yesterday, Riot Blockchain Appoints Jason Les as New CEO

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by Ibukun Ogundare · 3 min read
RIOT Stock Up 22% Yesterday, Riot Blockchain Appoints Jason Les as New CEO
Photo: Depositphotos

The newly-appointed CEO said Riot is “extremely well-positioned” to make efficient use of the opportunities ahead of the company.

Bitcoin mining company Riot Blockchain Inc (NASDAQ: RIOT) has named Jason Les as its new CEO. Before his new appointment, Les served as an independent director on the company’s board for about four years.

Meanwhile, yesterday RIOT stock jumped 21.56% and reached the price level of $39.86. Today in the pre-market, teh stock is down 4.89%. Data provided by MarketWatch revealed that Riot stock has grown by 2,272.62% over the past year. The stock has climbed 134.61% in its year-to-date record and has advanced further by over 1,000% in the last three months. RIOT has surged nearly 65% over the past month and more than 85% in the last five days. 

Riot Blockchain New CEO

Riot Blockchain announced the new appointment in a press release published on the 8th of February. Les would be replacing Jeff McGonegal, who had dual roles as Riot’s CEO and the CFO. McGonegal has been the company’s CFO since 2013, years before Riot became a Bitcoin mining company. McGonegal started operating as both the CEO and the CFO in 2019. Now, McGonegal will only remain as Riot’s CFO following Les’s appointment.

With his new appointment, Les will support Riot’s strategic focus on Bitcoin mining, pushing the company to become a prominent one in the industry.

According to Riot Blockchain, Les is highly skilled in mining and as an engineer studying protocol development. Les, who has been deeply involved with Bitcoin since 2013, is also experienced in contributing to open-source projects.

Expressing his pleasure with the new appointment as Riot’s CEO, Les said:

“It is a privilege to be asked to serve as Riot’s CEO. We are at an exciting and critical juncture in our industry, with Bitcoin positioned to disrupt the global financial system. In addition, there continues to be a large shift in the mining capacity to the United States, creating significant opportunity for the Company.”

Speaking further, the newly-appointed CEO said Riot is “extremely well-positioned” to make efficient use of the opportunities ahead of the company. Specifically, Les mentioned Riot’s next-generation miners, its industry relationships, and balance sheet.

The chairman of Riot’s board of directors, Benjamin Yi, also commented on the new appointments. Yi said that strengthening the management team has been a high priority for Riot. He added:

“…and we are pleased to appoint Jason to lead the Company. Having worked closely with Jason as a Board colleague for the past two years, the Board is confident that he will continue to leverage unique skill set and background in Bitcoin to drive the Company’s continued growth.”

In addition, Riot has also appointed Hannah Cho as a new independent board member. 

The chairman of Riot’s board of directors also expressed his pleasure with Cho’s appointment as an independent director. He said the board would benefit from Cho’s experience as a corporate leader and communications specialist.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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