CoinDesk’s CEO Kevin Worth has stepped down as part of a major restructuring effort led by the crypto exchange Bullish, which recently acquired the media outlet.
Bullish has appointed Sara Stratoberdha, who previously spearheaded business development for the exchange, as the new CEO of CoinDesk.
While the ownership has changed, a CoinDesk spokesperson told that the company will continue to operate as an independent subsidiary under Bullish.
“CoinDesk will remain an independent subsidiary of Bullish and Sara is committed to maintaining CoinDesk’s journalistic independence and integrity.”
Key Members of CoinDesk’s Leadership Team to Depart
The restructuring extends beyond the CEO position, as several other key members of CoinDesk’s leadership team will also be departing.
Among them are Chief Operating Officer Elinor Hirschhorn, Vice President of Engineering John DeGuenther, and Executive Director of Global Strategy Emily Parker.
Chief Content Officer Michael Casey’s role will no longer be full-time, but discussions are underway with Bullish to explore potential ongoing involvement with CoinDesk in a different capacity.
Bullish CEO Tom Farley shared the changes with CoinDesk and Bullish employees through a memo, outlining the restructuring’s objective of streamlining CoinDesk’s media, indices, and events businesses into a more streamlined organizational structure.
As part of the shift, certain functions within CoinDesk, including Human Resources, will now report to their counterparts at Bullish.
Additionally, CoinDesk’s technology and product teams will be integrated with Bullish.
“Kevin and the leadership team oversaw the evolution of CoinDesk into a leading global media company, effected the sale to Bullish, and successfully integrated the two companies. We thank them and wish them well,” Farley said in a statement.
“Sara and the CoinDesk leadership team are thrilled about the opportunity to invest in and grow CoinDesk’s media, events, and indices.”
Bullish’s Acquisition of CoinDesk
Last year, Bullish acquired CoinDesk in an undisclosed all cash deal.
At the time, Bullish said that the acquisition won’t impact the crypto news site’s management team and that the news site will operate as an independent subsidiary.
CoinDesk’s transfer of ownership came after a tumultuous period for the company and its former owner Digital Currency Group (DCG).
An award-winning report by CoinDesk just over one year ago on FTX’s questionable balance sheet was the catalyst for the cryptocurrency exchange’s sudden demise.
However, the collapose of FTX had a direct impact on DCG, who had funds in FTX via its lending subsidiary Genesis.
DCG and Genesis have both face a lawsuit from the New York Attorney General’s office over allegedly misleading investors.
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