TechFlow news, October 31 — According to The Block, cryptocurrency exchange Kraken announced the appointment of board member Arjun Sethi as Co-CEO, joining current CEO David Ripley to jointly lead the company's development. The company also confirmed a new round of layoffs aimed at improving operational efficiency.
As disclosed in Kraken’s official blog, the company generates over $1 billion in annual revenue but has faced challenges with excessive organizational layers under its global remote-work model. According to Mike Isaacs, technology reporter for The New York Times, internal sources indicate that the current layoffs affect approximately 15% of staff.
Notably, this marks Kraken’s second major workforce restructuring since it cut 30% of employees in November 2022. The newly appointed Co-CEO, Sethi, previously served as CEO of Lolapps and has been a member of Kraken’s board since 2021.
