Cryptocurrency firm Argo Blockchain has appointed Justin Nolan as its new CEO and director.
Nolan most recently was CEO at digital infrastructure firm Arkon Energy, which has data centres in Australia, Europe and the US.
Prior to this, he served as chief growth officer at the business to which he has now returned.
London-based Argo says that, in this role, he played a pivotal part in expanding the company’s operations.
Earlier in his career, Nolan co-founded and led DPN LLC.
The crypto mining firm – which claims the majority of its operations are powered by renewable energy – currently has a market cap of £21.21m. Over the last 12 months its share price has dipped from 12.6p to 2.95p.
Peaking at a huge 282p in 2021, its share price is down 76% on that seen at IPO in 2018.
“I am honoured to rejoin Argo as CEO and lead the company into its next chapter,” said Nolan.
“Argo has a strong foundation, a talented team, and a commitment to operational excellence. I look forward to working closely with the board and our stakeholders to drive innovation, enhance efficiency, and create sustainable value for shareholders.”
Argo’s chairman Matthew Shaw added: “We are delighted to welcome Justin back to Argo at this pivotal time for the company.
“His deep industry expertise, strategic vision, and leadership in scaling mining operations, including his previous contributions to the Helios project, make him the ideal leader for our next phase of growth.
“Under his guidance, we look forward to further strengthening Argo’s market position and operational efficiency.”
In connection with the appointment, the company has awarded 22.25m performance share units relating to the company’s ordinary shares to Nolan.