Genesis CEO steps down as crypto broker slashes workforce

By:
on Aug 17, 2022
  • Genesis has appointed Derar Islim as interim Chief Executive Officer to replace Michael Moro.
  • Former president of Point72 Asset Management Tom Conheeney takes up the Senior Advisor role.
  • Digital Currency Group-owned Genesis has also fired 20% of its employees, Bloomberg reported.

Genesis CEO Michael Moro has stepped down, with Chief Operating Officer Derar Islim elevated to interim Chief Executive Officer, the New York-based crypto broker announced on Wednesday.

The company says it has commenced efforts to bring on board a full-time replacement.

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Genesis’ reshuffled executive team

According to the firm, owned by Digital Currency Group (DCG), the changes take effect immediately and are part of the leadership reshuffle being put in place as it looks to embark on a new growth phase.

Islim, who has been with Genesis since 2020 will be joined by Tom Conheeney on the Board of Directors. The former Point72 Asset Management president will take up the role of a Senior Advisor, according to the press release.

Mark Murphy, Digital Currency Group COO said in a statement:

We’re pleased to elevate Derar to the interim CEO role – he has our full trust and confidence and has been instrumental in developing key areas of the Genesis business. We also welcome Tom, a proven leader and highly skilled financial services veteran, as we strengthen Genesis for the future.”

The two appointments add to recent hires at the Genesis executive team – namely; Michael Patchen as Chief Risk Officer, Michael Patterson as Chief Compliance Officer, and Mathew Johnson as Chief Technology Officer. Others are Alice Chan as Chief Financial Officer and Arianna Pretto-Sakmann as Chief Legal Officer.

Crypto broker eyes growth, slashes workforce

Genesis is one of the many crypto companies that hit turbulence amid broader contagion traced to collapsed crypto hedge fund Three Arrows Capital. Other major platforms to hit the rocks were Voyager Digital and Celsius Network.

DCG’s subsidiary, which has operated a Bitcoin (BTC/USD) OTC trading desk since 2013, believes the changes and new appointments will be key to achieving fresh growth.Notably, Genesis has also cut its overall workforce by about 20% as part of this new phase. In a report on Wednesday, Bloomberg said the crypto broker was looking to reduce costs.

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