Marathon Digital Holdings Augments Executive Leadership Team
March 30 2022 - 4:05PM
Marathon Digital Holdings, Inc.
(NASDAQ:MARA) ("Marathon"
or "Company"), one of the largest enterprise Bitcoin
self-mining companies in North America, has appointed Hugh
Gallagher to the position of chief financial officer effective
March 31, 2022. In conjunction with this addition to Marathon’s
leadership team, Sim Salzman, the Company’s current chief financial
officer, will be transitioning to the role of chief accounting
officer, also effective March 31, 2022.
“At Marathon, we believe in building the best team we can while
empowering our people to operate in positions where they can
contribute the most value,” said Fred Thiel, Marathon’s chairman
and CEO. “Sim has done an excellent job leading the finance team
through Marathon’s initial growth phase. With our current scale and
future plans, we believe it is an opportune time to augment our
leadership team.
“Hugh brings to Marathon demonstrated success in developing
business strategies and initiatives for short-term profitability,
sustainable long-term growth, and consistent performance that we
believe will complement Sim’s expertise as our new chief accounting
officer, making our team stronger. On behalf of everyone at
Marathon, I would like to welcome Hugh to Marathon.”
Mr. Gallagher is a seasoned C-level executive and board member
who brings to Marathon over 30 years of experience in capital
markets, investment analysis, treasury, investor relations, and
financial and operational execution. Prior to joining Marathon, Mr.
Gallagher was the chief strategy officer at Global LPG (2021-2022)
and held several senior positions at UGI Corporation and AmeriGas
Propane, including president and CEO of AmeriGas Propane
(2018-2021); vice president finance and CFO of AmeriGas Propane
(2013-2018); treasurer (2011-2014) and director of investor
relations and treasury (2007-2011) at UGI Corporation; director of
corporate development (2004-2007); and director of financial
planning (2000-2004) at AmeriGas Propane. Mr. Gallagher also served
in various roles of increasing responsibility at both UGI and
AmeriGas from 1990-2000. Mr. Gallagher holds a CPA certification in
the state of Pennsylvania and a bachelor of science in accounting
from Drexel University.
Sim Salzman, Marathon’s chief accounting officer, added, “It has
been a pleasure to serve as Marathon’s CFO as we built the business
from its early stages to where it is today. With Hugh’s addition,
Marathon is in an even stronger position to continue expanding its
position as one of the leading Bitcoin miners. I look forward to
working alongside Hugh and the rest of the team and continuing to
help grow Marathon as the Company’s new chief accounting
officer.”
Hugh Gallagher commented, “While Bitcoin is nearing an
inflection point in its level of adoption, this is still a nascent
industry with great opportunities to build. It is rewarding to have
the opportunity to bring my expertise to a leading business in this
space that is growing quickly. I feel fortunate to be joining Fred,
Sim, and the rest of the team at Marathon as we work to build one
of the largest, most efficient, and most sustainably operated
Bitcoin mining operations in North America while driving earnings
growth and delivering long-term value to our investors.”
Investor Notice Investing 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, 2021. 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 hash rate 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 March 2022. The total network’s hash rate data is calculated
from a third-party source, which is available here:
https://www.blockchain.com/charts/hash-rate. Data from third-party
sources has not been independently verified. See "Safe Harbor"
below.
Forward-Looking Statements Statements 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
Holdings Marathon 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: Telephone:
800-804-1690Email: ir@marathondh.com
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