TechFlow reported, according to The Block, that Michael Arrington, founder of Arrington Capital, has stepped down from the board of NewCo—the new company succeeding Celsius operations—just 13 days after agreeing to join. The unnamed company, formed by Celsius, will take over Celsius' business operations. Ravi Kaza will replace Arrington; he is a member of Fahrenheit Holdings, the consortium that won the auction for Celsius’ assets in May. Prior to Arrington’s departure, NewCo appointed three new board observers.
Arrington stated on Twitter that his decision to leave stemmed from disagreements over "certain decisions made regarding the board charter, particularly concerning the board observers." However, he remains fully supportive of the deal and looks forward to contributing "in ways outside of board participation."
