- After less than two and a half years in the position
- Praise, thanks and good wishes for Michael
- Andy Main taking over
- Michael kept it short and said 34 words
(exechange) — Alpharetta, Georgia, March 19, 2024 — Gavin Michael, chief executive of Bakkt, leaves his position. As announced by Bakkt Holdings Inc. in a news release published on Monday, March 18, 2024, and in a regulatory filing published on Tuesday, March 19, 2024, Gavin Michael leaves his post as chief executive officer at the crypto custody service and exchange, after less than two and a half years in the role, effective March 26, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice and after a short tenure.
Gavin Michael’s duties as CEO will be taken over by Andrew (Andy) Main, a former Chief Executive Officer at Ogilvy.
Already a director
Main has already been a member of the board of directors of Bakkt. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Main understands the expectations and dynamics of the board and has knowledge of Bakkt’s organization, risk-management practices and strategy.
“To pursue other opportunities”
The management change is explained as follows. Bakkt stated: “Andy Main has been appointed President and Chief Executive Officer, effective March 26, 2024. He will succeed Gavin Michael, who is stepping down to pursue other opportunities.”
Precise information regarding Gavin Michael’s future plans was not immediately available.
“Not because of any disagreement”
Bakkt stated, regarding the change: “Mr. Michael’s resignation was not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
Share price decline since March 2023
The announcement follows a decline in Bakkt Holdings Inc.’s share price of 59% since March 2023.
In the position of CEO since 2021
Gavin Michael became CEO of the Company in 2021.
Michael will serve in an advisory role through March 2025 to assist in the leadership transition and advise the Board and executive team on strategic matters.
Gavin Michael has served as the Company’s Chief Executive Officer and a director since October 15, 2021.
Michael has served as the Company’s President since December 2021.
Michael served in the same role at Opco from January 2021 until October 15, 2021.
Prior to joining Opco, from 2016 until 2021, Michael was the Head of Technology for Citi’s Global Consumer Bank, responsible for the long-term strategic direction, planning and management of Citi’s global technology organization, execution of its cloud architecture, data and service strategies, and driving digitization efforts to accelerate speed to market.
Before joining Citi, from 2013 until 2016, Michael was Head of Digital for Consumer & Community Banking at Chase, where he was responsible for all aspects of the digital business, including the Chase Mobile App and Chase Online.
Michael was also previously the Chief Technology Innovation Officer at Accenture, the IT director for Lloyds Banking Group’s retail banking business, and Head of Strategy and Architecture at National Australia Bank.
He has also held senior technology roles at IBM and served as a Director of Avanade, Inc.
Michael earned a Ph.D. in Computer Science from Australian National University and a bachelor’s degree from the University of Western Australia.
34 words by Gavin Michael
In the release announcing his departure as CEO of Bakkt Holdings Inc., Gavin Michael received praise, thanks and good wishes.
In announcing his departure, Gavin Michael kept it short and said 34 words.
“Driving towards adjusted EBITDA breakeven”
Gavin Michael stated: “Andy has the expertise to lead the company forward from this inflection point, with a focus on broadening our institutional crypto capabilities, growing our client base, expanding internationally, and driving towards adjusted EBITDA breakeven.”
The above text is an excerpt from the exechange report 13.2024 ($), publication date March 25, 2024.