Bakkt board member takes over leadership as part of stretegic re-evalution

Source: Bakkt

Bakkt Holdings, Inc. (NYSE: BKKT) today announced that Andy Main has been appointed President and Chief Executive Officer, effective March 26, 2024.

He will succeed Gavin Michael, who is stepping down to pursue other opportunities. Michael will serve in an advisory role through March 2025 to assist in the leadership transition and advise the Board and executive team on strategic matters.

Andy Main has served on Bakkt’s Board of Directors since its public listing in 2021 and is deeply familiar with Bakkt’s business, having advised and mentored the marketing and sales organizations over the last year. He is well-versed in the company’s opportunities and understands how to deliver the unique benefits of crypto to Bakkt’s diverse set of clients and partners. In addition, Main brings decades of strategic leadership experience to Bakkt. As the former CEO of Ogilvy, he transformed a lagging business into the world’s leading creative agency in only two years, well ahead of market expectations. Before Ogilvy, Main led Deloitte Digital and scaled it into a multi-billion dollar global business.

Michael provided critical leadership during major company milestones, including Bakkt’s public listing in 2021, relaunching our institutional custody solution, landing critical partnerships, and closing and integrating the strategic acquisition of Apex Crypto.

Sean Collins, Chairman of the Board, said, “Over the course of his career, Andy has been at the forefront of technology-specifically, how to commercialize the latest technology innovations for some of the largest, most influential companies in the world. He is a proven company builder and change agent, and will bring his relentless focus on shareholder value creation to Bakkt.”

Gavin Michael, current President and Chief Executive Officer, said, “Andy has the expertise to lead the company forward from this inflection point, with a focus on broadening our institutional crypto capabilities, growing our client base, expanding internationally, and driving towards adjusted EBITDA breakeven.”

Andy Main, appointed Chief Executive Officer said, “We are grateful for Gavin’s many contributions to the company during his tenure, and we wish him success in his next chapter.”

Reschedules Conference Call to Discuss Financial Results

In connection with Main’s appointment, the company is rescheduling its fourth quarter and full year 2023 financial results announcement and conference call to Monday, March 25, 2024 at 5:00 p.m. ET. Attendance information is unchanged from what was provided in our February 27, 2024 press release.

Main continued, “I look forward to sharing my plans for enhancing shareholder value on our upcoming earnings call. With the proceeds from our recent capital raise, and our plans to reduce cash expenses—primarily from legal entity integration, which was approved by NYDFS today—and related cost savings, we believe we have alleviated the conditions that raised substantial doubt about our ability to continue as a going concern.

“Separately, I will also discuss how we plan to further build upon the company’s strong product foundation and scaling the business with a focus on efficient execution. Bakkt is well-positioned to capitalize on the market opportunity in crypto,” concluded Main.

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