Greenidge Announces Leadership Transition
16 Novembre 2023 - 3:00PM
Business Wire
Jordan Kovler Appointed Chief Executive
Officer
David Anderson to Transition to Chairman of
the Board of Directors
Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”
or the “Company”), a vertically integrated cryptocurrency
datacenter and power generation company, today announced that
Jordan Kovler has been appointed to replace David Anderson as
Greenidge’s Chief Executive Officer. Mr. Anderson will remain on
the Company’s Board of Directors (the “Board”) and will become
Chairman of the Board, replacing Timothy Fazio in that role, who
will remain on the Company’s Board as a director. All of the
executive transitions, which have been approved by the Board, are
effective as of November 16, 2023.
Mr. Kovler has served as a director on Greenidge’s Board since
March 2023, working closely with management and the Board on cost
containment, stakeholder engagement and strategic initiatives. Mr.
Kovler brings a unique mix of experience in technology and Web3,
capital allocation and M&A, investor engagement and corporate
governance expertise that will help drive the next phase of
Greenidge’s growth.
Mr. Anderson commented: “On behalf of the entire Board, we are
pleased to welcome Jordan as our new Chief Executive Officer. His
differentiated experience and ability to build Web3 organizations
using innovative approaches make him well-suited to lead Greenidge
as our industry continues to evolve. I have seen first-hand his
ability to assess our capital needs and engage meaningfully with
stakeholders, employees and partners alike. I look forward to
working with Jordan in my new role as Chairman and am confident
that he will position Greenidge for future growth while focusing on
driving shareholder value.”
“I am excited for the opportunity to lead Greenidge during this
next phase of our lifecycle. Having recently eliminated over half
of our net debt through strategic restructuring efforts – in large
thanks to Dave’s leadership – we are now well-positioned to develop
new sites, enter adjacent industries, drive tangible progress and
create value for shareholders,” said Mr. Kovler. “We have a skilled
team of industrial operators and engineers with the ability to
build and manage best-in-class datacenters. With access to some of
the lowest cost natural gas in North America and stranded
electrical assets within the Atlas portfolio, we will have a
pipeline of new sites to leverage building datacenters for AI and
cryptocurrency mining. This will add to our steady mix of hosting,
self-mining and energy revenue to help propel future growth, while
we also pursue opportunistic M&A. This is an exciting time for
Greenidge, and I look forward to supporting progress, growth and
value creation for all stakeholders.”
Greenidge recently announced the reduction of $85.3 million in
debt through strategic deleveraging transactions, representing over
half of its total net debt.
Jordan Kovler Biography
Jordan Kovler has served as a director on Greenidge’s Board
since March 2023 and possesses valuable experience in corporate
governance, shareholder engagement and the Web3 industry. In 2016,
he co-founded consulting and proxy advisory firm, Harkins, Kovler,
Leventhal & Co., LLC (“HKL & Co.”) and has served as a
Managing Director since the firm’s founding. At HKL & Co., he
helps management teams and boards of directors develop long-lasting
programs to increase shareholder value through strategy
development, investor engagement and transparent disclosures. He is
also a strategic advisor to multiple technology and Web3 companies,
including developers of cryptocurrencies and tokens, where he helps
drive innovation and growth. Prior to co-founding HKL & Co., he
worked at proxy solicitation firm D.F. King & Co., Inc. for
several years in increasingly senior roles, including as Senior
Vice President and a member of the Executive Committee. Mr. Kovler
holds a Bachelor of Arts degree from Trinity College.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a
vertically integrated cryptocurrency datacenter and power
generation company.
Forward-Looking Statements
This press release includes certain statements that may
constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are
forward-looking statements for purposes of federal and state
securities laws. These forward-looking statements involve
uncertainties that could significantly affect Greenidge’s financial
or operating results. These forward-looking statements may be
identified by terms such as “anticipate,” “believe,” “continue,”
“foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,”
“could,” and “should,” and the negative of these terms or other
similar expressions. Forward-looking statements are based on
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance.
Forward-looking statements in this press release include, among
other things, statements regarding the business plan, business
strategy and operations of Greenidge in the future. In addition,
all statements that address operating performance and future
performance, events or developments that are expected or
anticipated to occur in the future are forward-looking statements.
Forward-looking statements are subject to a number of risks,
uncertainties and assumptions. Matters and factors that could cause
actual results to differ materially from those expressed or implied
in such forward-looking statements include but are not limited to
the matters and factors described in Part I, Item 1A. “Risk
Factors” of Greenidge’s Annual Report on Form 10-K, Part II, Item
1A. “Risk Factors” of Greenidge’s Quarterly Report on Form-10-Q,
and its other filings with the Securities and Exchange Commission.
Consequently, all of the forward-looking statements made in this
press release are qualified by the information contained under this
caption. No assurance can be given that these are all of the
factors that could cause actual results to vary materially from the
forward-looking statements in this press release. You should not
put undue reliance on forward-looking statements. No assurances can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do occur, the
actual results, performance, or achievements of Greenidge could
differ materially from the results expressed in, or implied by, any
forward-looking statements. All forward-looking statements speak
only as of the date of this press release and Greenidge does not
assume any duty to update or revise any forward-looking statements
included in this press release, whether as a result of new
information, the occurrence of future events, uncertainties or
otherwise, after the date of this press release.
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