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Bitwise Industries terminates CEOs, calls for internal investigation

Bitwise Industries

Read the transcript for this report below.

ELIZABETH ARAKELIAN, HOST: Bitwise Industries announced several updates over the weekend amid its shakeup and recently-revealed financial crisis. KVPR’s Esther Quintanilla reports it includes changes in leadership.

ESTHER QUINTANILLA: The tech company’s Board of Directors terminated its co-CEOs – Jake Soberal and Irma Olguin Jr. – and appointed Ollen Douglass as interim president late last week. According to a press release, Douglass will lead an investigation to find the cause of the sudden halt in operations and mass furloughs. In the statement, Douglass said the Board was not aware of Bitwise’s cash deficit until recently, and is taking “swift actions.”

QUINTANILLA: The change in leadership comes after Bitwise furloughed more than 900 employees across the country – a third of them being based in Fresno. City officials have announced plans to sever business ties with Bitwise and help connect former employees to various resources during this time. For KVPR News, I’m Esther Quintanilla

READ MORE:The crash of Bitwise Industries is sending ripples across US cities

Esther Quintanilla reports on diverse communities for KVPR through the Central Valley News Collaborative, which includes The Fresno Bee, Vida en el Valle, KVPR and Radio Bilingüe.