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Genesis CEO Michael Moro steps down from his position after company downsizes its workforce by 20%

According to the press release of August 17, Michael Moro, Genesis trading Chief executive officer steps down from the CEO position amid the crypto crisis.

As per the press release announcement, Genesis said Moro will step down from the CEO position and will continue to serve Genesis in the “next phase of growth” in an advisory role under the new leadership. In an effort to cut down the costs, the trading firm also fired a 260-person workforce by 20%.

Derar Islim Chief operating officer will now act as an interim CEO of the firm. Genesis also appointed Tom Conheeny as the senior advisor and board member of the company, supporting Islim in forming organisation strategy as well as advising on lending, trading and risk teams.

Moreover, Genesis also announced the hiring of the chief legal officer Arianna Pretto-Sakmann, new chief risk officer Michael Patchen, chief financial officer Alice Chan, chief compliance officer Michael Patterson and chief technology officer Matthew Johnson in an effort to enhance the “company’s overall risk management.”

It’s uncertain whether the trading firm’s strategy was influenced by the events happening in the crypto market crisis. Genesis also accepted in July that it had investment exposure to the 3AC, which is now going through the liquidation process. Digital Currency Group said it had expected a portion of the liability owed by Three Arrows to ensure Genesis had sufficient capital for its workings.

Many fintech companies are announcing changes in their leadership position due to the volatile market. Michael Saylor on August 2 announced that he would step down from its CEO position. Moreover, Ignite CEO Peng Zhong announced on July 1 that he would leave the company after working in it since 2015.

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