Core Scientific Announces Planned CFO Transition
Core Scientific (NASDAQ: CORZ) announced the appointment of Jim Nygaard as new Executive Vice President and Chief Financial Officer, effective March 17, 2025. Nygaard brings nearly 30 years of investment banking expertise, including extensive M&A and corporate finance experience from his roles at XMS Capital Partners and Morgan Stanley.
The transition follows a previously announced CFO succession plan, with Nygaard replacing Denise Sterling, who will remain until May 1st to ensure a smooth handover. Sterling, who became CFO before the Company's Chapter 11 filing, played a important role in Core Scientific's restructuring and emergence from bankruptcy. Under her leadership, the company raised over $1 billion through two convertible note transactions, strengthening its capital structure.
Core Scientific (NASDAQ: CORZ) ha annunciato la nomina di Jim Nygaard come nuovo Vice Presidente Esecutivo e Direttore Finanziario, con effetto dal 17 marzo 2025. Nygaard porta con sé quasi 30 anni di esperienza nel settore della banca d'investimento, inclusa una vasta esperienza in M&A e finanza aziendale grazie ai suoi ruoli presso XMS Capital Partners e Morgan Stanley.
Il passaggio avviene a seguito di un piano di successione per il CFO precedentemente annunciato, con Nygaard che sostituirà Denise Sterling, la quale rimarrà in carica fino al 1° maggio per garantire un passaggio fluido. Sterling, che è diventata CFO prima della procedura di Chapter 11 dell'azienda, ha svolto un ruolo importante nella ristrutturazione di Core Scientific e nella sua uscita dalla bancarotta. Sotto la sua guida, l'azienda ha raccolto oltre $1 miliardo attraverso due operazioni di note convertibili, rafforzando la sua struttura patrimoniale.
Core Scientific (NASDAQ: CORZ) anunció el nombramiento de Jim Nygaard como nuevo Vicepresidente Ejecutivo y Director Financiero, con efecto a partir del 17 de marzo de 2025. Nygaard aporta casi 30 años de experiencia en banca de inversión, incluyendo una amplia experiencia en M&A y finanzas corporativas de sus roles en XMS Capital Partners y Morgan Stanley.
La transición sigue a un plan de sucesión de CFO previamente anunciado, con Nygaard reemplazando a Denise Sterling, quien permanecerá hasta el 1 de mayo para asegurar una entrega fluida. Sterling, quien se convirtió en CFO antes de la presentación de la empresa bajo el Capítulo 11, desempeñó un papel importante en la reestructuración de Core Scientific y su salida de la bancarrota. Bajo su liderazgo, la empresa recaudó más de $1 mil millones a través de dos transacciones de notas convertibles, fortaleciendo su estructura de capital.
코어 사이언티픽 (NASDAQ: CORZ)는 짐 나이가드를 새로운 부사장 겸 최고재무책임자(CFO)로 임명했다고 발표했습니다. 임기는 2025년 3월 17일부터 시작됩니다. 나이가드는 XMS 캐피탈 파트너스와 모건 스탠리에서의 역할을 통해 M&A 및 기업 금융 분야에서 30년 가까운 투자은행 경험을 가지고 있습니다.
이번 전환은 이전에 발표된 CFO 승계 계획에 따른 것으로, 나이가드는 데니스 스털링을 대체하게 되며, 스털링은 원활한 인수인계를 위해 5월 1일까지 남아 있을 예정입니다. 스털링은 회사가 챕터 11을 신청하기 전에 CFO가 되었으며, 코어 사이언티픽의 구조조정 및 파산에서의 회복에 중요한 역할을 했습니다. 그녀의 리더십 아래, 회사는 두 번의 전환사채 거래를 통해 $10억 이상을 모금하여 자본 구조를 강화했습니다.
Core Scientific (NASDAQ: CORZ) a annoncé la nomination de Jim Nygaard en tant que nouveau Vice-Président Exécutif et Directeur Financier, à compter du 17 mars 2025. Nygaard apporte près de 30 ans d'expertise en banque d'investissement, y compris une vaste expérience en fusions et acquisitions et en finance d'entreprise grâce à ses rôles chez XMS Capital Partners et Morgan Stanley.
Cette transition fait suite à un plan de succession pour le CFO précédemment annoncé, Nygaard remplaçant Denise Sterling, qui restera en poste jusqu'au 1er mai pour garantir une transition en douceur. Sterling, qui est devenue CFO avant le dépôt de bilan de l'entreprise selon le Chapitre 11, a joué un rôle important dans la restructuration de Core Scientific et sa sortie de la faillite. Sous sa direction, l'entreprise a levé plus de 1 milliard de dollars grâce à deux transactions d'obligations convertibles, renforçant ainsi sa structure financière.
Core Scientific (NASDAQ: CORZ) gab die Ernennung von Jim Nygaard zum neuen Executive Vice President und Chief Financial Officer bekannt, die am 17. März 2025 wirksam wird. Nygaard bringt fast 30 Jahre Erfahrung im Investment Banking mit, einschließlich umfangreicher M&A- und Unternehmensfinanzierungserfahrung aus seinen Tätigkeiten bei XMS Capital Partners und Morgan Stanley.
Der Übergang folgt einem zuvor angekündigten Nachfolgeplan für den CFO, wobei Nygaard Denise Sterling ersetzt, die bis zum 1. Mai bleiben wird, um einen reibungslosen Übergang zu gewährleisten. Sterling, die CFO wurde, bevor das Unternehmen Insolvenz nach Chapter 11 anmeldete, spielte eine wichtige Rolle bei der Umstrukturierung von Core Scientific und dem Aufstieg aus der Insolvenz. Unter ihrer Leitung hat das Unternehmen über 1 Milliarde USD durch zwei Wandelanleihen-Transaktionen gesammelt und damit seine Kapitalstruktur gestärkt.
- Successfully emerged from Chapter 11 bankruptcy restructuring
- Raised over $1B through convertible note transactions
- Strengthened capital structure post-restructuring
- New CFO brings 30 years of M&A and corporate finance expertise
- Recent Chapter 11 bankruptcy filing
- Executive leadership turnover with CFO transition
Company Welcomes Veteran Finance Executive, Jim Nygaard, as New CFO Effective March 17
Mr. Nygaard brings nearly 30 years of investment banking expertise, including extensive M&A, corporate finance, and capital-raising experience. Since 2008, he has served as Managing Director and Head of M&A at XMS Capital Partners, LLC (“XMS Capital”), advising clients across multiple industries on strategic transactions and financing initiatives. Prior to joining XMS Capital, Mr. Nygaard spent more than a decade at Morgan Stanley advising clients on complex deals and growth strategies.
“We are excited to welcome Jim to the Core Scientific leadership team,” said Adam Sullivan, Chief Executive Officer of Core Scientific. “As a premier digital infrastructure provider for high-performance computing, we believe Jim’s deep background in corporate finance and M&A will help us continue scaling our operations. His proven ability to drive growth and shareholder value will be an invaluable asset during this pivotal stage of our evolution.”
Ms. Sterling was promoted to CFO shortly before the Company filed for Chapter 11, playing a critical role in stabilizing and repositioning Core Scientific. She guided the organization through its successful restructuring and emergence from Chapter 11, leaving Core Scientific well-positioned for continued growth. She also helped raise more than
“Denise took the helm of our Finance organization at a critical time and performed exceptionally,” continued Sullivan. “Her leadership was instrumental in helping us navigate a complex restructuring and secure the capital needed to execute our long-term vision. We are grateful for her numerous contributions, including building an outstanding Finance team and overseeing transformative financings that fortified our balance sheet. Denise will remain with us until May 1st to ensure a seamless transition, and we wish her the very best in her future endeavors.”
About Jim Nygaard
James P. Nygaard, Jr., age 50, brings nearly 30 years of investment banking and corporate finance experience to Core Scientific. Since 2008, he has served as a Managing Director at XMS Capital Partners, LLC, leading M&A execution activities, strategic financings, and chairing the firm’s Fairness Committee. From 2021 to 2022, Mr. Nygaard served as Chief Financial Officer of Power & Digital Infrastructure Acquisition Corp. (XPDI), which merged with Core Scientific. Prior to XMS Capital, Mr. Nygaard spent 12 years in Morgan Stanley’s Investment Banking Division, advising a diverse group of clients across a variety of industries. His career deal experience includes over
About Core Scientific
Core Scientific is a leader in digital infrastructure for high-performance computing. The company operates dedicated, purpose-built facilities and is a premier provider of digital infrastructure, software solutions and services to our third-party customers. We employ our own large fleet of computers (“miners”) to earn digital assets for our own account and to provide hosting services for large bitcoin mining customers and we are in the process of allocating and converting a significant portion of our nine operational data centers in
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “opportunity,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “potential,” “hope” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements include, but are not limited, statements regarding potential benefits of or expectations regarding the strategic relationship, agreements and contemplated transactions with CoreWeave, impacts on the Company’s revenue, financial and other operating results, completion and timing of certain events, impacts on the Company’s trading multiple and ability to deliver shareholder value, the Company’s intention and ability to capitalize on additional or related opportunities, and the Company’s plans, objectives, expectations and intentions. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which could include, but are not limited to, unanticipated difficulties or expenditures relating to the strategic relationship, agreements and contemplated transactions with CoreWeave; the possibility that the anticipated revenue, financial and other operational benefits of the strategic relationship, agreements and contemplated transactions and additional opportunities are not realized when expected or at all; disruptions of current plans and operations caused by the announcement and execution of the strategic relationship, agreements and contemplated transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, regulatory or employee relationships, including those resulting from the announcement or execution of the strategic relationship, agreements and contemplated transactions; unexpected risks or the materialization of risks that are greater than anticipated; unavailability of expected power or materially adverse changes in the terms associated with available power; occurrence of any event, change or other circumstance that could give rise to the termination of the contracts with CoreWeave; delays in required approvals; the availability of government incentives; and legal proceedings, judgments or settlements in connection with the strategic relationship, agreements and contemplated transactions, as well as other risk factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including those identified in the Company’s reports filed with the Securities and Exchange Commission, and if any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Accordingly, undue reliance should not be placed upon the forward-looking statements. The Company does not assume any duty or obligation (and does not undertake) to update or supplement any forward-looking statements.
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FAQ
When will Jim Nygaard start as CFO of Core Scientific (CORZ)?
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