Last Updated on September 22, 2022 by Bitfinsider

The outspoken and frequently contentious co-founder of the Kraken cryptocurrency exchange, Jesse Powell, announced he is resigning as CEO to focus more on the company’s products and broader industry advocacy.

Powell, 42, will take over as chairman of the board once Chief Operating Officer Dave Ripley, 45, succeeds him. Once a new COO is chosen, the transfer is anticipated to occur over the coming months.

Powell said: “As the company has gotten bigger, it’s just gotten to be more draining on me, less fun,” and further added that he “still plan to stay very engaged with the company” as the largest shareholder and member of the board.

Powell urged “woke” employees who couldn’t fit with the company’s culture and ideals to quit earlier this year. The US Treasury is reportedly looking into Kraken for alleged violations of Iran sanctions, according to a New York Times report from July. Powell previously opted not to respond to the report.

Powell claimed that he communicated his choice to the board more than a year ago, and the company ultimately decided on Ripley after examining other possibilities. Powell and Ripley collaborated to develop Kraken’s culture and strategy, and Ripley said he anticipates carrying on the company’s objective.

In a statement sent via email, Kraken board member and co-founder Arjun Sethi stated he has “absolute faith in Dave’s continued leadership and evolved role as CEO” and that he looks forward to working with Jesse in his board position going forward.