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Crypto Miner Core Scientific Appoints a New President
The company filed for bankruptcy in December but continues to mine bitcoin.
By Helene Braun
Updated May 9, 2023, 4:12 a.m. Published Apr 11, 2023, 8:08 p.m.
Crypto hosting and mining company Core Scientific (CORZ) has appointed crypto veteran Adam Sullivan as its new president, a court filing shows.
Sullivan spent the past six years in various roles at financial services firm XMS Capital Partners, where he was most recently managing director and head of the digital asset and infrastructure group.
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At Core Scientific, Sullivan will work on financial and strategic matters, including working with customers, suppliers and creditors as well as help with the reorganization of the company’s management team, according to the filing.
Todd DuChene, Core Scientific' current president, will become chief legal officer and chief administrative officer, leading corporate, legal, financial and administrative tasks.
In December, the Austin, Texas-headquartered company, one of the largest publicly traded crypto mining companies in the U.S., filed for bankruptcy after a year of low crypto prices and high energy prices. However, the company continues to mine bitcoin during the bankruptcy process as its cash flows remain positive.
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