Polkadot founder Gavin Wood has stepped down as chief executive officer of Parity Technologies, the firm that is responsible for building the Polkadot and Kusama blockchain ecosystems, Bloomberg reports.
The English computer scientist, who's known for being one of the co-founders of the Ethereum blockchain, will still be a majority shareholder in the company. Björn Wagner, chief commercial officer, will assume the role of CEO. Wagner co-founded the company with Wood back in 2015.
In July, the firm building the Polkadot blockchain added several new executives despite the fact that the industry is struggling with layoffs. Eran Barak, a computer scientist who graduated from Tel Aviv University, was appointed the company's chief operating officer.
Former Parity Technologies co-founder and CEO Jutta Steiner left her post in November 2021 after being at the helm of the company since 2015. Back then, she was replaced by Wood.
The price of the Polkadot (DOT) has declined by roughly 1.4% on the announcement. It has now shed roughly 5% over the last 24 hours. The native token of one of the top "Ethereum killers" is down 89.43% from its record high.