[NEWS] bitFlyer founder Yuzo Kano returns to CEO position after 4 years

On the 31st of last month, bitFlyer Holdings Inc. announced changes to its representative directors and board of directors, with founder Yuzo Kano returning as representative director and CEO.

At the general shareholders meeting held on the 30th, the proposal to change the board of directors was approved by a majority vote. This will be his first return as representative director in about four years. He will also serve as representative director of bitFlyer Inc. and bitFlyer Blockchain Inc.

In addition, Kawamura Shoko, who had previously served as manager of the CEO's Office at bitFlyer Holdings and bitFlyer, has been appointed as a new director.

Seki Masaaki, who served as representative director of bitFlyer Holdings and bitFlyer, and director Iizuka Gen will both step down from their positions. In addition, Komiyama Minefumi, one of the founders of bitFlyer, has also stepped down as a director of bitFlyer Blockchain, and will now be in charge of engineering for the entire bitFlyer group as CTO of bitFlyer Holdings.

Kano resigned as CEO in 2019 after the Financial Services Agency pointed out deficiencies in the internal management system, such as preventing unauthorized outflow of crypto assets.

Since Kano's resignation, bitFlyer has had to change CEO four times and has continued to struggle to solidify its foothold. At last year's general shareholders meeting, Kano himself submitted a shareholder proposal to return as CEO, but it was rejected. According to Kano, at the time, the majority of shareholders agreed to his return as CEO.

It was later revealed that a coalition of shareholders excluding founder Kano was in discussions with overseas investment fund ACA Group regarding an acquisition. The gap between founder and major shareholder Kano and the management team has widened even further.

The ACA Group aimed to acquire the company for a maximum of 45 billion yen, on the condition that the management team, including then-CEO Seki, would be maintained, but the acquisition price snowballed and they were forced to withdraw.

With Kano returning as CEO and the transition to a new structure, the focus will be on whether bitFlyer can be rebuilt quickly.

Kano is also eyeing a future initial public offering (IPO), and is expected to accelerate management reforms.

Reference:Press release
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