Stronghold Digital Mining Appoints Matthew J. Smith as Chief Financial Officer
14 April 2022 - 10:05PM
Stronghold Digital Mining, Inc. (NASDAQ:
SDIG) (“Stronghold”, or the “Company”) today announced the
appointment of Matthew Smith to the position of chief financial
officer, effective April 18, 2022, succeeding Ricardo Larroudé, who
is leaving the Company to pursue other business interests. He will
remain with Stronghold through May 15, 2022 to ensure a seamless
transition. Mr. Larroudé’s departure does not relate to any
disagreements between him and the Company relating to any financial
reporting, accounting principles or practices of Stronghold. The
Company thanks Mr. Larroudé for his devotion to, and services on
behalf of, the Company, as he was instrumental to Stronghold’s
growth in the past year, and the Company wishes him the best in his
future endeavors.
Mr. Smith currently serves on the Board of
Directors for Stronghold and is the chairperson of both the Audit
and Compensation Committees. While he will remain on the Board, Mr.
Smith will resign as a member of both Committees. The Company is in
active later-stage discussions with multiple qualified independent
candidates to add to the Board of Directors and the Audit Committee
and expects to make a subsequent announcement when a new member is
appointed in the near future. In the interim, Sarah P. James will
serve as chair of the Audit Committee.
Mr. Smith has deep financial experience in the
energy, renewable, power and utility sectors, including more than
16 years in the investment management industry. He most recently
was the managing partner of Deep Basin Capital, an energy-focused
hedge fund, which he founded in January 2017. Prior to Deep Basin
Capital, Mr. Smith was a Portfolio Manager at Citadel's Surveyor
Capital Ltd. Mr. Smith is a CFA Charterholder and holds an M.S. in
Finance from Wisconsin-Madison’s Applied Security Analysis Program
(ASAP) and a B.B.A. from the University of Iowa Tippie College of
Business. He also previously served as an independent director and
audit committee member on the Board of Spartan Acquisition Corp.
III from May 2021 until closing a business combination with Allego
Holding B.V. in March 2022.
“Matt has an impressive financial background and
understanding of the broader energy, power and utility sectors,
which was a key determinant in having him join our Board shortly
after our IPO,” said Greg Beard, co-chairman and chief executive
officer of Stronghold. “His deeply analytical mindset along with
capital markets and portfolio management experience are welcomed
additions to the Stronghold executive team.”
Smith commented: “Since joining the Board of
Stronghold last November, I have been continually impressed with
the talent of the growing team and the dedication to creating a
leading vertically integrated, low-cost, environmentally beneficial
Bitcoin miner. I look forward to quickly integrating into the CFO
role, to ensure a seamless transition, and executing on our
objective to create shareholder value.”
About Stronghold Digital Mining,
Inc.Stronghold is a vertically integrated Bitcoin mining
company with an emphasis on environmentally beneficial operations.
Stronghold houses its miners at its wholly owned and operated
Scrubgrass Plant and Panther Creek Plant, both of which are
low-cost, environmentally beneficial coal refuse power generation
facilities in Pennsylvania.
Investor Contact:
Matt Glover or Jeff Grampp, CFAGateway Group,
Inc. SDIG@GatewayIR.com1-949-574-3860
Media Contact:
contact@strongholddigitalmining.com
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