David Ripley, the new chief operating officer of Kraken, succeeds Jesse Powell, who continues in his role as board chairman.

Co-founder and current chief executive officer of the US-based cryptocurrency exchange Kraken, Jesse Powell, is retiring.

David Ripley, COO of Kraken, becomes CEO.

Powell acknowledged his resignation as CEO in an interview that was broadcast on Thursday, but he added that he will still serve as the company’s chairman. David Ripley, the chief operating officer, is assuming the post of CEO, he continued.

“I like to think of it as you know I’m taking a higher level role at the chairman level. You have ultimate oversight over the whole company. Dave Ripley will be doing all the hard work for me. So appreciate that,” he said.

Powell discussed the company’s future under David Ripley, saying he is enthusiastic about the next chapter - being chairman - and what it may allow him to do.

“I’m extremely confident in David Ripley and his ability to lead this company. He’s been with us since we were 50 people six years ago, all the way up to mid-3000 right now. So, you know, he’s seen it all. And I’m just super glad that we have such a deep bench and someone able to step up from the inside,” he said during the interview.

Powell intends to have time “to dive deeper on the product and user experience” while Ripley concentrates on the day-to-day operations of the business. This is despite the fact that the cryptocurrency market is still negative following a turbulent 2022, creating a situation that is likely to jeopardize Kraken’s intentions to list on the stock market.

As he assumes the position of Chairman of the Board of Directors, Powell, who co-founded Kraken in 2011, continues to be the company’s largest shareholder.