Bitfarms Terminates Geoffrey Morphy; Nicolas Bonta Appointed As Interim President & CEO

(RTTNews) - Bitfarms Ltd. (BITF) announced that Geoffrey Morphy, who had been continuing as President and Chief Executive Officer, has been terminated effective immediately. He also no longer serves as a director. Nicolas Bonta, Chairman and Co-Founder, has been appointed interim President and Chief Executive Officer. The company noted that the CEO executive search is nearing completion.

Bitfarms said, on May 10, 2024, Morphy filed a Statement of Claim in the Superior Court of Ontario against the company claiming damages for breach of contract, wrongful dismissal and aggravated and punitive damages in the amount of $27 million. The company intends to defend itself vigorously.