Hut 8 Announces New Chief Financial Officer
Hut 8 Corp. (Nasdaq | TSX: HUT), a leading Bitcoin miner and energy infrastructure operator, has announced Sean Glennan as its new Chief Financial Officer, effective August 21, 2024. Glennan, with nearly 20 years of financial services experience, joins from Citigroup's Global Power, Utilities & Renewables group, where he advised on over $80 billion in M&A and capital markets activity. He replaces Shenif Visram, who is stepping down for personal reasons but will oversee the transition.
CEO Asher Genoot highlighted Glennan's strategic, financial, and capital markets expertise as important for Hut 8's future plans, particularly in scaling their platform through M&A deals. Glennan expressed enthusiasm for joining Hut 8, citing its market positioning and growth potential.
Hut 8 Corp. (Nasdaq | TSX: HUT), una delle principali azienda mineraria di Bitcoin e operatore di infrastrutture energetiche, ha annunciato Sean Glennan come nuovo Direttore Finanziario, a partire dal 21 agosto 2024. Glennan, con quasi 20 anni di esperienza nei servizi finanziari, proviene dal gruppo Global Power, Utilities & Renewables di Citigroup, dove ha consigliato su oltre $80 miliardi di operazioni di M&A e attività nei mercati dei capitali. Sostituisce Shenif Visram, che si dimette per motivi personali ma supervisionerà la transizione.
Il CEO Asher Genoot ha sottolineato l'esperienza strategica, finanziaria e nei mercati dei capitali di Glennan come fondamentali per i piani futuri di Hut 8, in particolare per espandere la piattaforma attraverso operazioni di M&A. Glennan ha espresso entusiasmo per unirsi a Hut 8, citando la sua posizione di mercato e il potenziale di crescita.
Hut 8 Corp. (Nasdaq | TSX: HUT), un líder en minería de Bitcoin y operador de infraestructura energética, ha anunciado a Sean Glennan como su nuevo Director Financiero, efectivo a partir del 21 de agosto de 2024. Glennan, con casi 20 años de experiencia en servicios financieros, se une desde el grupo Global Power, Utilities & Renewables de Citigroup, donde asesoró sobre más de $80 mil millones en actividades de fusiones y adquisiciones y mercados de capitales. Reemplaza a Shenif Visram, quien dimite por razones personales pero supervisará la transición.
El CEO Asher Genoot destacó la experiencia estratégica, financiera y en mercados de capitales de Glennan como crucial para los planes futuros de Hut 8, particularmente en la expansión de su plataforma a través de acuerdos de M&A. Glennan expresó entusiasmo por unirse a Hut 8, citando su posición de mercado y su potencial de crecimiento.
Hut 8 Corp. (Nasdaq | TSX: HUT), 비트코인 채굴업체이자 에너지 인프라 운영업체로서, Sean Glennan을 새로운 최고 재무 책임자로 발표했습니다. 임기는 2024년 8월 21일부터 시작됩니다. Glennan은 거의 20년의 금융 서비스 경험을 가지고 있으며, Citigroup의 글로벌 전력, 유틸리티 및 재생 가능 에너지 그룹에서 근무하며 $80억 달러 이상의 인수 합병 및 자본 시장 활동에 대해 자문을 했습니다. 그는 개인적인 사유로 물러나는 Shenif Visram을 대체합니다. Visram은 전환을 감독할 것입니다.
CEO Asher Genoot는 Hut 8의 미래 계획에 있어 Glennan의 전략적, 재무적, 자본 시장 전문성이 중요하다고 강조하며, 특히 인수 합병 거래를 통해 플랫폼을 확대하는 데 도움이 될 것이라고 말했습니다. Glennan은 Hut 8에 합류하게 되어 기쁘며, 시장 내 입지와 성장 잠재력을 언급했습니다.
Hut 8 Corp. (Nasdaq | TSX: HUT), un leader dans le domaine du minage de Bitcoin et opérateur d'infrastructures énergétiques, a annoncé Sean Glennan comme son nouveau directeur financier, à compter du 21 août 2024. Glennan, avec près de 20 ans d'expérience dans les services financiers, rejoint le groupe Global Power, Utilities & Renewables de Citigroup, où il a conseillé sur plus de 80 milliards de dollars en M&A et activités sur les marchés de capitaux. Il remplace Shenif Visram, qui démissionne pour des raisons personnelles mais supervisera la transition.
Le PDG Asher Genoot a souligné l'expertise stratégique, financière et en marchés de capitaux de Glennan comme étant essentielle pour les plans futurs de Hut 8, en particulier pour faire évoluer leur plateforme par le biais d'accords de M&A. Glennan a exprimé son enthousiasme à rejoindre Hut 8, en citant son positionnement sur le marché et son potentiel de croissance.
Hut 8 Corp. (Nasdaq | TSX: HUT), ein führendes Bitcoin-Mining-Unternehmen und Betreiber von Energieinfrastrukturen, hat Sean Glennan als neuen Chief Financial Officer bekannt gegeben, der am 21. August 2024 in Kraft tritt. Glennan bringt fast 20 Jahre Erfahrung im Finanzdienstleistungssektor mit und kommt von Citigroups Global Power, Utilities & Renewables-Gruppe, wo er bei Transaktionen im Wert von über 80 Milliarden US-Dollar zu Fusionen und Übernahmen sowie zu Kapitalmarktaktivitäten beraten hat. Er tritt die Nachfolge von Shenif Visram an, der aus persönlichen Gründen zurücktritt, aber die Übergabe überwachen wird.
CEO Asher Genoot hob Glennans strategische, finanzielle und kapitalmarktspezifische Expertise als entscheidend für die zukünftigen Pläne von Hut 8 hervor, insbesondere um ihre Plattform durch M&A-Geschäfte auszubauen. Glennan äußerte seine Begeisterung, zu Hut 8 zu stoßen, und nannte die Marktpositionierung sowie das Wachstumspotenzial des Unternehmens.
- Appointment of Sean Glennan as new CFO, bringing extensive financial and strategic expertise
- Glennan's experience includes advising on over $80 billion in M&A and capital markets activity
- Smooth transition planned with outgoing CFO Shenif Visram overseeing the handover
- Departure of current CFO Shenif Visram for personal reasons
Insights
The appointment of Sean Glennan as CFO of Hut 8 is a strategic move that could significantly impact the company's financial trajectory. Glennan's extensive experience in the power and utilities sector, particularly his involvement in $80 billion worth of M&A and capital markets activities, suggests a potential shift towards more aggressive growth strategies and potential acquisitions for Hut 8.
His background aligns well with Hut 8's "power-first thesis," indicating a likely focus on energy infrastructure expansion and possibly vertical integration in the power sector. This could lead to improved operational efficiencies and cost management in Bitcoin mining operations. However, investors should closely monitor how this transition affects the company's financial discipline and capital allocation strategies in the short term.
The appointment of Sean Glennan as CFO signals Hut 8's intention to scale its platform and potentially pursue transformative M&A deals. This strategic move could position Hut 8 more competitively in the evolving cryptocurrency mining landscape, especially as the industry faces challenges like Bitcoin halving events and increasing energy costs.
Glennan's extensive network in the power and utilities sector could open doors for strategic partnerships and favorable energy contracts, potentially giving Hut 8 a significant edge in managing operational costs. However, investors should be cautious about potential short-term volatility as the company may undergo structural changes or pursue acquisitions that could impact near-term financials.
Hut 8's appointment of Sean Glennan as CFO underscores the company's commitment to its power-first strategy in the Bitcoin mining sector. This approach could lead to significant technological advancements in energy-efficient mining operations, potentially setting new industry standards.
Glennan's experience in the power sector could drive innovations in renewable energy integration for mining operations, addressing growing concerns about the environmental impact of cryptocurrency mining. This could enhance Hut 8's ESG profile, attracting environmentally conscious investors. However, the transition may require substantial capital investments, which could pressure short-term financial performance. Investors should watch for announcements regarding new energy infrastructure projects or partnerships in the coming months.
Sean Glennan to join as CFO on August 21, 2024
Glennan most recently served as Managing Director in the Global Power, Utilities & Renewables group at Citigroup
MIAMI, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners today announced that Sean Glennan will become the Company’s new Chief Financial Officer (CFO), effective August 21, 2024. Shenif Visram will be stepping down from his role as CFO for personal, family-related reasons. Visram will remain with the Company until Glennan assumes his role to oversee an orderly transition.
Glennan joins Hut 8 after a nearly 20 year career in financial services, including most recently serving as Managing Director in the Global Power, Utilities & Renewables group in Citigroup Global Markets’s Investment Banking division. During his 13 years at Citigroup, he advised on over
“We are thrilled to welcome Sean to the organization as we continue executing on our power-first thesis,” said Asher Genoot, CEO of Hut 8. “Sean brings a wealth of strategic, financial, and capital markets knowledge that, together with his rolodex of relationships in the space, will be a significant asset in shaping and realizing our future plans. In particular, his experience advising on transformative M&A deals with some of the largest players in power and utilities will be instrumental as we scale our platform with a focus on creative structuring and prudent capital allocation.”
“Hut 8 has a rare combination of being positioned at the center of a tremendous market opportunity, a differentiated plan for how to win, and a talented, driven team that I am confident will capitalize on this next phase of growth,” said Glennan. “I look forward to contributing my skillset and working closely with Asher, the leadership team, and the entire organization as they continue their tireless pursuit of building a value-creating, financially-disciplined business that others will aspire to follow for years to come.”
“On behalf of the entire Hut 8 team, I want to express our sincere gratitude to Shenif for his contributions during his tenure as CFO,” said Genoot. “Shenif’s expertise and guidance have left an indelible mark on our company and have positioned us for long-term success, particularly as we navigated a highly complex merger, re-domiciliation, and new listing. While his presence will be deeply missed, we wish him the best of luck as he takes some well-deserved time to focus on his family.”
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one newly announced site in West Texas. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward–Looking Information
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s long-term success, execution of its power-first thesis, shaping and realizing of its future plans, scaling of its platform, and building a value-creating, financially-disciplined business.
Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.
Hut 8 Investor Relations
Sue Ennis
sue@hut8.com
Hut 8 Media Relations
Eoin Fay
eoin.fay@hut8.com
FAQ
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