Home Enterprise holdings Marathon Digital Holdings Announces Retirement and Succession Plan for its Executive Chairman | Nation / World

Marathon Digital Holdings Announces Retirement and Succession Plan for its Executive Chairman | Nation / World

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LAS VEGAS, December 15, 2021 (GLOBE NEWSWIRE) – Marathon Digital Holdings, Inc. (NASDAQ: MARA) (“Marathon” or “Company”), one of the largest self-mining Bitcoin companies in North America. Nord, announced that Merrick Okamoto, executive chairman, plans to retire at the end of 2021. The board has appointed Fred Thiel, current CEO of Marathon, to succeed Okamoto on January 1, 2022, when Thiel will retain the responsibilities of both President and CEO.

Okamoto joined Marathon as a member of the Board of Directors in 2017 and, during his tenure with the company, served as President and CEO of Marathon. In April 2021, Thiel replaced Okamoto as CEO, as part of a strategic succession plan and in preparation for Okamoto’s eventual retirement. The Company is currently evaluating candidates to fill Okamoto’s vacant position on its board of directors.

“On behalf of the Board of Directors and our entire organization, I would like to thank Merrick for his vision, leadership and the impact he had on Marathon during his tenure with the company.” , said Fred Thiel, CEO of Marathon. “When Merrick joined Marathon in 2017, the company was on the verge of insolvency and did not have a clear path to recovery. As a member of the board of directors and later as CEO of the company, Merrick was instrumental in restructuring and redefining the company. It is in large part due to his foreknowledge and decision making that Marathon has grown from a $ 10 million market cap company in early 2020 to a $ 4 billion company today that is typically considered to be one of the leading bitcoin miners in North America. We are extremely grateful for the important contributions he has made to Marathon, and we wish him and his family the best in their retirement.

Merrick Okamoto commented, “With Marathon transformed and the foundation firmly laid for the company to flourish into its new life as a large, efficient and well-capitalized bitcoin miner, the board of directors and I have concluded that ‘it was time to complete the transition. it started when Fred became CEO in April of this year. Fred’s strategic thinking and track record of running organizations effectively has already proven invaluable, as he repositioned Marathon to be lightweight, nimble, and able to scale to one of the world’s largest vendors. renewable energy in North America.

“In its current position, Marathon has approximately $ 1.1 billion in liquid assets, numerous development opportunities thanks to renewable energy and a proven and forward-thinking management team. It has been a great privilege to have played such a pivotal role in the evolution of Marathon, and I look forward to seeing the company continue to thrive under the leadership of Fred and the rest of the team in 2022 and beyond. .

Notice to Investors

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our most recent Annual Report on Form 10-K for the year ended. December 31, 2020. If any of these risks were to occur, our business, financial condition or results of operations would likely be adversely affected. In this case, the value of our securities could fall and you could lose some or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks that are not currently known to us or that we currently consider to be negligible may also adversely affect our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate future results. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate can also significantly affect the future performance of Bitcoin production by Marathon. Additionally, all discussion of financial metrics assumes mining difficulty rates as of December 2021. Total network hash rate data is calculated from a third-party source, available here: https: // www.blockchain.com/charts/hash- rate. Data from third-party sources has not been independently verified. See “Safe Harbor” below.

Forward-looking statements

Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the ‘use of words such as “may”, “will”, “plan”, “should”, “expect”, “anticipate”, “estimate”, “continue” or similar terminology. These forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which cannot be predicted with precision by the Company and some of which could not even be anticipated and involve factors that could cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are encouraged to consider the factors listed above as well as additional factors under the heading “Risk Factors” in the Company’s annual reports on Form 10-K , which can be supplemented or amended by the company’s quarterly reports on Form 10-Q. The Company assumes no obligation to update or supplement any forward-looking statements that become false due to subsequent events, new information or otherwise.

About Marathon Digital Holdings

Marathon is a digital asset technology company that operates cryptocurrencies with a focus on the blockchain ecosystem and digital asset generation.

Contact of Marathon Digital Holdings:

Charlie schumacher

Telephone: 800-804-1690

Email: [email protected]

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