It was announced this week that the current Algorand CEO, Steven Kokinos, is leaving the company to “pursue other interests.” The current COO of Algorand, Sean Ford, will be acting interim CEO effective immediately. Ford joined the company back in 2018 coming from LogMeIn where he was the Chief Marketing Officer, and has since been working on Algorands go-to-market strategies and operations.
It’s fair to say the company has been successful under Kokinos. Algorand has many large scale partnerships in place which came to be under his tenure, some notable ones are: official partner of FIFA, Universal Music Group, NFTs and gaming being built by The Drone Racing League, partnerships with Miami for air quality monitoring, and a government level partnerships with Nigeria.
The blockchain itself sees millions of daily transactions using ALGO with a great track record in terms of down time. There are 26M wallet addresses, ~1400 active nodes, consistently low fees, and maintains a carbon negative footprint.
It’s not yet clear where Kokinos is going, but he has stated that he will be acting as an advisor to Ford on the transition through mid 2023. It seems unlikely that Kokinos is leaving on bad terms, and Ford has a long history of working on high level positions at tech companies, overall there are no red flags with the change. The market largely agrees with that, as the price has been indifferent to the news.