Bankrupt cryptocurrency miner Core Scientific Inc. has appointed Adam Sullivan, an funding banking veteran, as its new president, the corporate stated in a court docket submitting dated Monday.
- Sullivan, whose most up-to-date function was managing director of XMS Capital Companions, the place he oversaw over US$5 billion of transactions. He additionally represented the Energy and Digital Infrastructure Acquisition Company in its acquisition of Core Scientific Holding Firm in 2021, the corporate stated.
- Sullivan will report back to Mike Levitt, chief govt officer of Core Scientific, and can work on monetary and strategic issues whereas helping with the negotiation of a reorganization plan, in line with the submitting.
- Core Scientific’s present president, Todd DuChene, will proceed serving as chief authorized officer and can tackle a brand new function as chief administrative officer.
- In December, the Texas-based miner filed for Chapter 11 chapter safety amid falling crypto costs and rising vitality prices. The corporate added that it’ll proceed to working its current self-mining and internet hosting operations, which has remained “considerably money circulation constructive on a debt-free foundation.”
- The corporate is anticipated to deliver Sullivan on board 15 days after the chapter court docket authorized the employment movement, the submitting confirmed.