The stock of Gemini (GEMI) fell 13% on news that several senior executives are departing the cryptocurrency exchange months after its initial public offering (IPO).
Gemini announced that it is parting ways with its Chief Operating Officer (COO) Marshall Beard, Chief Financial Officer (CFO) Dan Chen, and Chief Legal Officer (CLO) Tyler Meade.
All three executives are leaving immediately. COO Beard has also resigned from Gemini’s board of directors.
The crypto exchange was founded and is run by twin brothers Cameron and Tyler Winklevoss.
The departures come months after Gemini held its IPO last September and days after the company said it plans to shut down its crypto exchange operations in Europe and Australia.
Gemini, which specializes in the trading of cryptocurrencies such as Bitcoin (BTC), has also announced plans to cut 25% of its workforce and refocus on the U.S. market.
The crypto exchange has also launched a new predictions market that allows people to bet on the outcome of elections and professional sports, among other things.
Gemini said it does not plan to replace the COO. Instead, Cameron Winklevoss will assume that role along with revenue-generating duties for the company.
Danijela Stojanovic, Gemini’s chief accounting officer, will serve as interim CFO, and Kate Freedman, currently corporate secretary, will become interim general counsel, said Gemini.
Gemini did not say what prompted the executive departures.
GEMI stock has declined 79% since its IPO and is now trading at $6.58 U.S. per share.
