Digital Asset, a provider of distributed ledger technology (DLT), surprised markets on Tuesday by announcing that its Chief Executive Officer (CEO) Blythe Masters is stepping down. According to the statement, her resignation is due to personal reasons.
Masters, who has been the CEO since 2015, will remain a board member, strategic advisor and shareholder of the company. In her stead, AG Gangadhar has been appointed as the acting CEO and Chairman of the Board. In this role, he will lead Digital Asset until a new CEO is named.
During her time at Digital Asset, Masters, a former JPMorgan banker, guided the company through its global expansion. During this process, she helped Digital Asset raise millions of dollars, with some of these funds coming from the largest banks in the world.
Commenting on her departure, Masters said: “Digital Asset has evolved from an ambitious idea to a truly global software engineering firm. We are fortunate to have a deep bench of accomplished executives on the management team and Board, including AG, who have the requisite experience to take the company to the next level.
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“Having come to know and trust AG as an advisor and Board member, I am convinced that he brings what’s needed to guide the company through its next phase.”
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Gangadhar originally joined Digital Asset’s Board of Directors in April, bringing with him years of experience in the technology industry, having worked at well-known brands such as Google, Microsoft, Amazon, Cruise (GM), and Uber.
According to the statement, Gangadhar’s background in engineering will be particularly useful to help scale the company’s technology and global operations. This is so it can meet the growing demand for DLT solutions, particularly across the financial services, healthcare, and supply chain industries.
Mike Bodson, President and Chief Executive Officer of DTCC, said: “On behalf of the Digital Asset Board, I would like to thank Blythe for her leadership and vision, which has propelled the company from a promising startup to a globally recognized leader in DLT. We are excited to have a world-renowned technologist like AG to help take the company forward.”