Marathon Digital Holdings,
Inc. (NASDAQ:MARA)
("Marathon" or "Company"), one of the largest enterprise
Bitcoin self-mining companies in North America, has appointed
Georges Antoun and Jay Leupp to its board of directors, effective
immediately, as Peter Benz transitions to become the company’s vice
president of corporate development and Michael Berg steps down from
his position of director to pursue other projects. As a result,
Marathon’s board of directors now consists of five directors,
including three independent directors and two inside directors.
“As our mining operations trend toward scaling to 10.37 EH/s by
early next year, we are continuing to amplify our team to ensure
Marathon retains its leading position as one of the largest and
most forward-thinking Bitcoin miners in North America,” said Fred
Thiel, Marathon’s CEO. “With Georges and Jay joining our board and
Peter now leading our corporate development, we believe we are in a
much stronger position to grow and raise the bar for the rest of
our industry.
“Both Georges and Jay have expertise that is uniquely beneficial
to a publicly traded Bitcoin mining company. Georges has
considerable experience in solar energy, which is critical given
that our industry has a unique ability to help drive innovations in
power and potentially expedite the adoption of renewable energies,
and we believe Jay’s experience in public accounting and investment
banking will play an important role in our future expansion plans.
On behalf of the everyone at Marathon, I’d like to officially
welcome both of them aboard.
“Additionally, on behalf of the executive leadership team at
Marathon, I would like to personally thank Michael, who is stepping
down to focus other projects, for his service as a member of our
board. He has been a valuable resource for us throughout our
transition to becoming a leading Bitcoin miner, and we wish him
well on his next endeavor.”
Georges Antoun brings to Marathon over 30 years of operational
and technical experience, having served in various leadership
positions at several global technology companies, including as a
member of the board of directors of two publicly traded companies:
Ruckus Wireless, Inc. and Violin Memory, Inc. He currently serves
as the president of First Solar where he was chief operating
officer before being appointed to president, U.S. in July 2015.
Prior to joining First Solar, Mr. Antoun served as a venture
partner at Technology Crossover Ventures (“TCV”), a private equity
and venture firm, which he joined in July 2011. Before joining TCV,
he was the head of product area IP & broadband networks for
Ericsson. Mr. Antoun joined Ericsson in 2007, when Ericsson
acquired Redback Networks, a telecommunications equipment company,
where Mr. Antoun served as the senior vice president of worldwide
sales & operations. After the acquisition, Mr. Antoun was
promoted to chief executive officer of the Redback Networks
subsidiary. Prior to Redback Networks, Mr. Antoun spent five years
at Cisco Systems, where he served as vice president of worldwide
systems engineering and field marketing, vice president of
worldwide optical operations, and vice president of carrier
sales. Prior to Cisco, he was the director of systems
engineering at Newbridge Networks, a data and voice networking
company. Mr. Antoun started his career as a member of the
technical staff at NYNEX (now Verizon Communications), where he was
part of the company’s science and technology division. Mr. Antoun
earned a Bachelor of Science degree in engineering from the
University of Louisiana at Lafayette and a master’s in information
systems engineering from NYU Poly.
Jay Leupp is the managing partner of Terra Firma
Asset Management, LLC. Prior to co-founding Terra Firma, Mr. Leupp
served as a managing director in various roles at Lazard Asset
Management, Grubb & Ellis Alesco Global Advisors, RBC Capital
Markets and Robertson Stephens & Co. During his career, he has
also held positions at The Staubach Company, Trammell Crow Company,
and KPMG Peat Marwick. Mr. Leupp is also a member of the American
Institute of Certified Public Accountants (AICPA) and serves on the
boards of both non-profit and corporate organizations. Mr. Leupp
earned a Bachelor of Science in business administration from Santa
Clara University, and an MBA from Harvard Business School.
Peter Benz has served on Marathon’s board of
directors since November 2020 and is transitioning from a member of
the board of directs to an executive officer. In his new position
as vice president of corporate development, Mr. Benz will be
responsible for providing strategic direction and acting as a
thought leader whose primary responsibilities include developing
and executing innovative strategies to fortify and expand Marathon
Digital Holdings’ leadership position in the bitcoin mining
industry.
Georges Antoun commented, “Marathon has proven
to be one of the most innovative companies in the Bitcoin mining
space, and it is a privilege to be joining the board at this
juncture in the company’s growth trajectory.”
Jay Leupp added, “Marathon Digital Holdings is
an organization committed to the highest standards in the
development and growth of cryptocurrency transacting. I look
forward to furthering that mission and helping steer Marathon
towards further success as a member of the board of directors.”
Peter Benz stated, “Since joining Marathon, I
have had the pleasure of advising the team and helping to lay the
foundation for where the business is today. In my new role as the
vice president of corporate development, I look forward to taking a
more active role in the executive leadership team.”
Investor NoticeInvesting in our securities
involves a high degree of risk. Before making an investment
decision, you should carefully consider the risks, uncertainties
and forward-looking statements described under "Risk Factors" in
Item 1A of our most recent Annual Report on Form 10-K for the
fiscal year ended December 31, 2020. If any of these risks were to
occur, our business, financial condition or results of operations
would likely suffer. In that event, the value of our securities
could decline and you could lose part or all of your investment.
The risks and uncertainties we describe are not the only ones
facing us. Additional risks not presently known to us or that we
currently deem immaterial may also impair our business operations.
In addition, our past financial performance may not be a reliable
indicator of future performance, and historical trends should not
be used to anticipate results in the future. Future changes in the
network-wide mining difficulty rate or Bitcoin hashrate may also
materially affect the future performance of Marathon's production
of Bitcoin. Additionally, all discussions of financial metrics
assume mining difficulty rates as of May 2021. See "Safe Harbor"
below.
Forward-Looking StatementsStatements made in
this press release include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements can be identified by the use of words
such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,”
“estimate,” “continue,” or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, many of which the Company cannot predict
with accuracy and some of which the Company might not even
anticipate and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading “Risk
Factors” in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
About Marathon Digital HoldingsMarathon is a
digital asset technology company that mines cryptocurrencies with a
focus on the blockchain ecosystem and the generation of digital
assets.
Marathon Digital
Holdings Company Contact:Jason AssadTelephone:
678-570-6791Email: Jason@marathondh.com
Marathon Digital Holdings Investor
Contact:Gateway Investor RelationsMatt Glover and Charlie
SchumacherTelephone:
949-574-3860Email: MARA@gatewayir.com
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