After Company Suspended Operations, Board of
Directors Names Ollen Douglass as Interim President; Launches
Investigation; Terminates co-CEOs Jake
Soberal and Irma Olguin
Jr.
FRESNO,
Calif., June 3, 2023 /PRNewswire/ -- Technology
company Bitwise Industries today announced several company
updates. After initiating a furlough of its employees and
suspending operations effective May 30,
2023, the company has terminated co-CEOs Jake Soberal and Irma L.
Olguin Jr. Additionally, the Board of Directors has
appointed Ollen Douglass interim
President, effective June 1,
2023.
The Board of Directors has begun an investigation into what led
to these current circumstances and events and is engaging
independent experts for support. In his role as Interim President,
Douglass will oversee the investigation, drawing on his background
in auditing and experience as a former chief financial
officer.
"It was an incredibly difficult decision to suspend operations
at Bitwise Industries and furlough the hardworking team members.
The Board of Directors was recently made aware of the company's
cash deficit by management and took immediate action as a result,"
said Douglass. "The Board of Directors is taking this matter very
seriously. We are committed to determining the root cause and will
continue to take swift action."
Ollen Douglass is the CEO of
Hanover Street Advisors, a consulting firm focused on supporting
early stage venture-backed companies. Prior to that, he launched
and led Motley Fool Ventures, which invested in Bitwise. Douglass
has more than 30 years of experience in finance, including as an
auditor at KPMG, and has been recognized in accounting and venture
capital for his work.
For questions related to Bitwise Industries, please contact
bitwiseboard@bitwiseindustries.com
About Bitwise Industries
Bitwise Industries creates scalable digital solutions, offering
services in Salesforce, DocuSign, and Digital Product
Developmentāusing a representative workforce in underestimated
cities. To learn more about Bitwise Industries, go to
www.bitwiseindustries.com.
Contact
bitwiseboard@bitwiseindustries.com
559-341-1784
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SOURCE Bitwise Industries