- Push-out Score determined
- After less than two years in the position
- Praise and thanks for Kirt
- Dave Anderson taking over
- Kirt said 99 words
(exechange) — Fairfield, Connecticut, October 11, 2022 — Jeff Kirt, chief executive of Greenidge, leaves — by “mutual agreement.” As announced by Greenidge Generation Holdings Inc. in a news release published on Friday, October 7, 2022, and in a regulatory filing published on Tuesday, October 11, 2022, Jeffrey E. (Jeff) Kirt leaves his post as chief executive officer at the bitcoin mining company and zero carbon power plant supplier, after less than two years in the role, effective immediately.
Jeff Kirt’s duties as CEO will be taken over by David (Dave) Anderson, most recently President and Chief Executive Officer at Millar Western Forest Products.
The fact that Jeff Kirt’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
Jeff Kirt’s move coincides with a management shake-up also involving the position of Chief Strategy Officer.
No reason given
In the announcement, Greenidge did not explicitly explain the reason for the move.
Precise information regarding Jeff Kirt’s future plans was not immediately available.
“Resign”
Greenidge said: “Greenidge also announced the mutual agreement between Greenidge and Jeffrey Kirt, Greenidge’s current CEO, that Mr. Kirt will resign from his roles as CEO and Director, effective as of the end of the day October 7, 2022.”
Greenidge further said: “The Board also approved the mutual agreement between the Company and Jeffrey Kirt, the Company’s current CEO, that Mr. Kirt would resign from his roles as CEO and member of the Board, effective as of the end of October 7, 2022.”
“Not because of any disagreement”
“Such resignation is not because of any disagreement with the Company regarding its operations, policies or practices,” Greenidge said.
Share price decline since October 2021
The announcement follows a decline in Greenidge Generation Holdings Inc.’s share price of 93% since October 2021.
In the position of CEO since 2021
Jeff Kirt became CEO of the Company in 2021.
Kirt will remain a consultant to Greenidge during a transition period and continue in his role as a senior advisor to Atlas Holdings LLC.
Kirt has served as the Company’s Chief Executive Officer and a member of the Company’s Board of Directors since March 2021.
Before joining Greenidge, Kirt served as Managing Partner of Fifth Lake Management, LLC where he oversaw day-to-day aspects of the private investment company from 2017 through 2021.
Prior to that, Kirt served as Partner of Pamplona Capital Management, LLC, where he oversaw private investments from 2014 through 2017 and Oak Hill Advisors, L.P. where he oversaw private and public investments from 2002 to 2014.
He has served on several public company boards of directors and was the Vice Chairman of Verso Corporation until its sale in March 2022.
Kirt received a B.A. in Economics, with distinction, from Yale University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jeff Kirt’s move on a scale of 0 to 10.
exechange reached out to Greenidge and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2022 ($).