Company Welcomes Veteran Finance Executive, Jim Nygaard, as New
CFO Effective March 17
Core Scientific, Inc. (NASDAQ: CORZ) (“Core Scientific” or the
“Company”), a leader in digital infrastructure for high-performance
computing (HPC), today announced that Jim Nygaard will succeed
Denise Sterling as Executive Vice President and Chief Financial
Officer (CFO), effective March 17, 2025. This appointment follows
the Company’s previously announced CFO transition plan.
Mr. Nygaard brings nearly 30 years of investment banking
expertise, including extensive M&A, corporate finance, and
capital-raising experience. Since 2008, he has served as Managing
Director and Head of M&A at XMS Capital Partners, LLC (“XMS
Capital”), advising clients across multiple industries on strategic
transactions and financing initiatives. Prior to joining XMS
Capital, Mr. Nygaard spent more than a decade at Morgan Stanley
advising clients on complex deals and growth strategies.
“We are excited to welcome Jim to the Core Scientific leadership
team,” said Adam Sullivan, Chief Executive Officer of Core
Scientific. “As a premier digital infrastructure provider for
high-performance computing, we believe Jim’s deep background in
corporate finance and M&A will help us continue scaling our
operations. His proven ability to drive growth and shareholder
value will be an invaluable asset during this pivotal stage of our
evolution.”
Ms. Sterling was promoted to CFO shortly before the Company
filed for Chapter 11, playing a critical role in stabilizing and
repositioning Core Scientific. She guided the organization through
its successful restructuring and emergence from Chapter 11, leaving
Core Scientific well-positioned for continued growth. She also
helped raise more than $1 billion through two convertible note
transactions, significantly strengthening the Company’s capital
structure.
“Denise took the helm of our Finance organization at a critical
time and performed exceptionally,” continued Sullivan. “Her
leadership was instrumental in helping us navigate a complex
restructuring and secure the capital needed to execute our
long-term vision. We are grateful for her numerous contributions,
including building an outstanding Finance team and overseeing
transformative financings that fortified our balance sheet. Denise
will remain with us until May 1st to ensure a seamless transition,
and we wish her the very best in her future endeavors.”
About Jim Nygaard
James P. Nygaard, Jr., age 50, brings nearly 30 years of
investment banking and corporate finance experience to Core
Scientific. Since 2008, he has served as a Managing Director at XMS
Capital Partners, LLC, leading M&A execution activities,
strategic financings, and chairing the firm’s Fairness Committee.
From 2021 to 2022, Mr. Nygaard served as Chief Financial Officer of
Power & Digital Infrastructure Acquisition Corp. (XPDI), which
merged with Core Scientific. Prior to XMS Capital, Mr. Nygaard
spent 12 years in Morgan Stanley’s Investment Banking Division,
advising a diverse group of clients across a variety of industries.
His career deal experience includes over $100 billion of strategic
transactions and financings. A summa cum laude graduate of the
University of Illinois at Urbana-Champaign with a Bachelor of Arts
in Economics, he was valedictorian of his department and received
Bronze Tablet Honors, the university’s highest academic
distinction.
About Core Scientific
Core Scientific is a leader in digital infrastructure for
high-performance computing. The company operates dedicated,
purpose-built facilities and is a premier provider of digital
infrastructure, software solutions and services to our third-party
customers. We employ our own large fleet of computers (“miners”) to
earn digital assets for our own account and to provide hosting
services for large bitcoin mining customers and we are in the
process of allocating and converting a significant portion of our
nine operational data centers in Alabama (1), Georgia (2), Kentucky
(1), North Carolina (1), North Dakota (1) and Texas (3), and our
facility in development in Oklahoma to support artificial
intelligence-related workloads under a series of contracts that
entail the modification of certain of our data centers to deliver
hosting services for high-performance computing (“HPC”). To learn
more, visit www.corescientific.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by the use of
words such as “aim,” “estimate,” “plan,” “project,” “forecast,”
“opportunity,” “goal,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target,” “potential,” “hope” or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These statements
include, but are not limited, statements regarding potential
benefits of or expectations regarding the strategic relationship,
agreements and contemplated transactions with CoreWeave, impacts on
the Company’s revenue, financial and other operating results,
completion and timing of certain events, impacts on the Company’s
trading multiple and ability to deliver shareholder value, the
Company’s intention and ability to capitalize on additional or
related opportunities, and the Company’s plans, objectives,
expectations and intentions. The Company’s actual results may
differ materially from those anticipated in these forward-looking
statements as a result of certain risks and other factors, which
could include, but are not limited to, unanticipated difficulties
or expenditures relating to the strategic relationship, agreements
and contemplated transactions with CoreWeave; the possibility that
the anticipated revenue, financial and other operational benefits
of the strategic relationship, agreements and contemplated
transactions and additional opportunities are not realized when
expected or at all; disruptions of current plans and operations
caused by the announcement and execution of the strategic
relationship, agreements and contemplated transactions; diversion
of management’s attention from ongoing business operations and
opportunities; potential adverse reactions or changes to business,
regulatory or employee relationships, including those resulting
from the announcement or execution of the strategic relationship,
agreements and contemplated transactions; unexpected risks or the
materialization of risks that are greater than anticipated;
unavailability of expected power or materially adverse changes in
the terms associated with available power; occurrence of any event,
change or other circumstance that could give rise to the
termination of the contracts with CoreWeave; delays in required
approvals; the availability of government incentives; and legal
proceedings, judgments or settlements in connection with the
strategic relationship, agreements and contemplated transactions,
as well as other risk factors set forth in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q filed with
the Securities and Exchange Commission.
These statements are provided for illustrative purposes only and
are based on various assumptions, whether or not identified in this
press release, and on the current expectations of the Company’s
management. These forward-looking statements are not intended to
serve, and must not be relied on by any investor, as a guarantee,
an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of risks
and uncertainties, including those identified in the Company’s
reports filed with the Securities and Exchange Commission, and if
any of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. Accordingly, undue reliance
should not be placed upon the forward-looking statements. The
Company does not assume any duty or obligation (and does not
undertake) to update or supplement any forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20250303544417/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
Core Scientific (NASDAQ:CORZ)
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