Mining equipment manufacturer Bitmain has appointed Feng Zhou as legal representative and CEO, the company said in a WeChat message.
The announcement was made on October 28 at a meeting celebrating the firm’s 8th anniversary. According to the statement, Bitmain expects that “Zhou’s rich experience in supply chain management will surely open a new, brilliant chapter.”
He acted as deputy co-founder of Bitmain Ketuan Zhang during the conflict between company founders Jihan Wu and Mikri Zhang. The confrontation continued throughout 2020, negatively affecting the company’s activities.
“Ketuan Zhang will continue to serve as chairman of Bitmain Group, focusing on the company’s technical direction, talent training and strategic planning,” it said.
The legal representative of a company in Chinese corporate law acts as a representative of a legal entity and acts without additional issuance of a power of attorney.
This status can be obtained by the chairman of the board of directors, the executive (in the absence of the board of directors) or the CEO.
On December 19, 2020, it became known that Wu and Zhang entered into an agreement. It provided for the payment of the first compensation of $ 600 million, the transfer of the BTC.com pool with the BitDeer cloud platform and mining farms outside of China.
Later, Bitmain shareholders approved the terms of Jihan Wu’s exit from the company.
In January 2021, he announced his resignation from the position of the CEO of the company.
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