Core Scientific, Inc. (NASDAQ: CORZ) has announced the departure of board member Todd Becker, effective immediately. Becker, who joined the board in January 2024 and served as chair of the audit committee, played a crucial role in the company's financial restructuring and operational strategies following its emergence from bankruptcy.
During Becker's tenure, Core Scientific completed two significant capital raises, significantly improving the company's balance sheet. Notably, the hiring of a new chief financial officer was also a key milestone during his time on the board.
The departure of Mr. Becker was not due to any disagreement with the board, the company, or management on any matter relating to the company's operations, policies, or practices.
In light of this change, the company has initiated a search for a new independent director to succeed Mr. Becker on the board.
Core Scientific, Inc. is a leader in digital infrastructure for high-density colocation services and digital asset mining, operating dedicated, purpose-built facilities for digital asset mining. The company derives the majority of its revenue from earning digital assets for its own account ("self-mining").
This announcement signifies a significant change in the leadership of Core Scientific, Inc. and marks a new phase for the company as it seeks a new independent director to fill the vacancy left by Mr. Becker's departure. The market has reacted to these announcements by moving the company's shares 2.57% to a price of $10.78. Check out the company's full 8-K submission here.
