Jesse Powell has decided to step down from his role as CEO of the Kraken cryptocurrency exchange, according to a Wednesday report by The Wall Street Journal.
Powell will be replaced by Dave Ripley, the company's current chief operating officer. For now, it is unclear who will succeed Ripley.
Despite leaving the top job, Powell plans to continue playing an active role in the company as its biggest shareholder. He will assume the role of the chairman of the company's board of directors.
Founded all the way back in 2011, Kraken is one of the oldest cryptocurrency exchanges. Presently, it has roughly 3,300 employees around the world.Last year, Powell said that his exchange could go public in 2022. While such a plan has likely been shelved, Kraken is among those few cryptocurrency companies that kept hiring in spite of the drastic cryptocurrency downturn, according to the report.
In June, Powell stirred a controversy after making some bigoted comments and asking "triggered" employees to leave the company.
U.S. authorities are also reportedly investigating Kraken for violating Iran sanctions.