Payments company Circle will install a new CEO at the start of 2020 after one of its original co-founders steps down from the position.
According to cryptocurrency media outlet CoinDesk on Dec. 5, co-founder and co-CEO Sean Neville will transition to a post on the company’s board of directors in January.
Sean Neville becomes board member
Neville launched Circle with Jeremy Allaire in 2013, and has presided over its metamorphosis in the ensuing years, including a pivot away from Bitcoin (BTC) and the acquisition of cryptocurrency exchange Poloniex last year.
As CryptoNewspeople reported, Circle is now selling Poloniex, Neville describing the current events as forming an appropriate time to switch roles.
He will additionally continue his activities with Centre, the project between Circle and cryptocurrency exchange Coinbase which produced the company’s native stablecoin, USD Coin (USDC). CoinDesk quoted him as stating in an email:
“I also expect to propel the mission forward through CENTRE and other new complementary paths that traverse worthwhile challenges in infrastructure, regulatory policy, economics, and product design.”
Neville has yet to confirm the move, and at press time had not updated his personal information on resources such as LinkedIn to reflect any changes.
All change at Circle
Circle’s sale of Poloniex, which it originally acquired for $400 million, has not gone without controversy. As part of the spin-out, United States traders will no longer be able to use the platform at all.
This week, executives announced that those who do not withdraw their funds from Poloniex before a Dec. 16 deadline would face various recriminations, including potential confiscation of their entire balance.
Last month, several former executives at Circle launched their own cryptocurrency trading firm. CMS Holdings is headed by Daniel Matuszewski, the former head of Circle’s over-the-counter, or OTC, trading arm.
CryptoNewspeople has reached out to Circle and Neville for comment, but had not received a response at press time.