The long-running power struggle between the two Bitmain co-founders, Jihan Wu and Micree Zhan, might finally be nearing its end. The latest update from the company has announced Jihan Wu as the legal representative of Bitmain. In addition, the shipping of orders and other operations of the company is expected to return to normalcy.
Bitmain co-founders assume new office
Based in China, Bitmain is reportedly the world’s largest manufacturer of Bitcoin mining hardware. The latest governance position of the two Bitmain co-founders was made known in the announcement published today on WeChat. Jihan was named as the company’s legal representative, which was already updated in the country’s business registration record as of September 14.
The other Bitmain co-founder, Zhan, has been the legal representative and executive director of Bitmain. However, as Jihan assumes the head office, Zhan will be serving as the general manager of the company. As the legal representative of Bitmain, Jihan holds the authority to sign any decisions made for the company into effect.
Jihan noted that their “inner respect for Mr. Zhan Ketuan remains unchanged.”
Bitmain co-founders have been in a legal battle over the company governance, which saw Zhan ousted from Bitmain by Jihan. At the time, Jihan reportedly said that Zhan’s leadership was affecting the company’s progress and that he removed Zhan to save the company. Several lawsuits were filed as a result, which began affecting the company’s operations at some point.
The company noted:
Since 2020, management conflicts have damaged our market share and brand image. Customers are lost, employees are forced to stand in line, and benefits cannot be guaranteed. Various emergencies and negative news have even blocked our listing plan, and the options promised to employees have almost become waste paper.
However, with the new governance reorder, Bitmain said it will resume operations fully – including that of its affiliates and subsidiaries.