Gavin Wood is stepping down as CEO of blockchain infrastructure company Parity Technologies.
He will continue to be the company's principal investor and architect, according to a report.
Wood, who was also a founding member of Ethereum and Polkadot (CRYPTO: DOT), told Bloomberg News that the role of CEO was never one that he "coveted (and this dates back long before Parity).”
"I can act at being a CEO well enough for a short while, but it’s not where I’m going to find eternal happiness,” Wood said.
Björn Wagner, Parity co-founder, will be the new CEO. Wood and Wagner launched the business together in 2015.
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Following the announcement, the price of Polkadot’s token fell by around 4%.
In the previous 24 hours, it has now lost almost 5%.
Touted as one of the major "Ethereum (CRYPTO: ETH) killers," Polkadot has seen a decline in its native token of 89.43% from its all-time high.
The company creating the Polkadot blockchain has also hired several new executives, including chief operating officer Eran Barak, a Tel Aviv University-educated computer scientist.
Jutta Steiner, a former co-founder and CEO of Parity Technologies, stepped down from her position in November 2021.
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