Current board member Andy Main to become CEO;
Gavin Michael stepping down
Gavin Michael to serve in an advisory role
through March 2025
Company reschedules fourth quarter and full
year 2023 financial results conference call to Monday, March 25,
2024.
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.
About Bakkt
Founded in 2018, Bakkt builds solutions that enable our clients
to grow with the crypto economy. Through institutional-grade
custody, trading, and onramp capabilities, our clients leverage
technology that’s built for sustainable, long-term involvement in
crypto.
Bakkt is headquartered in Alpharetta, GA. For more information,
visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt |
LinkedIn https://www.linkedin.com/company/bakkt/.
Bakkt-C
Forward-Looking Statements
This press release contains “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. Such statements include, but are not limited to,
statements regarding Bakkt’s ability to continue as a going
concern, Bakkt’s expectations relating to the launch of new
products or in new markets and Bakkt’s ability to generate revenues
from any such initiatives, Bakkt’s ability to continue operating
its business as expected and achieve its business objectives, and
Bakkt’s ability to scale its business and move towards
profitability, among others. Forward-looking statements can be
identified by words such as “will,” “likely,” “expect,” “continue,”
“anticipate,” “estimate,” “believe,” “intend,” “plan,”
“projection,” “outlook,” “grow,” “progress,” “potential” or words
of similar meaning. Such forward-looking statements are based upon
the current beliefs and expectations of Bakkt’s management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and beyond Bakkt’s control. Actual results and
the timing of events may differ materially from the results
anticipated in such forward-looking statements as a result of the
following factors, among others: Bakkt’s ability to continue as a
going concern; Bakkt’s ability to raise additional capital on
acceptable terms or at all; Bakkt’s ability to grow and manage
growth profitably; changes in Bakkt’s business strategy; changes in
the market in which Bakkt competes, including with respect to its
competitive landscape, technology evolution or changes in
applicable laws or regulations; changes in the markets that Bakkt
targets; disruptions in the crypto market that subject Bakkt to
additional risks, including the risk that banks may not provide
banking services to Bakkt; the possibility that Bakkt may be
adversely affected by other economic, business, and/or competitive
factors; the inability to launch new services and products or to
profitably expand into new markets and services; the inability to
execute Bakkt’s growth strategies, including identifying and
executing acquisitions and Bakkt’s initiatives to add new clients;
Bakkt’s failure to comply with extensive government regulation,
oversight, licensure and appraisals; uncertain regulatory regime
governing blockchain technologies and crypto; the inability to
maintain effective internal controls and procedures; the exposure
to any liability, protracted and costly litigation or reputational
damage relating to Bakkt’s data security; the impact of any
goodwill or other intangible assets impairments on Bakkt’s
operating results; the impact of any pandemics or other public
health emergencies; Bakkt’s inability to maintain the listing of
its securities on the New York Stock Exchange; and other risks and
uncertainties indicated in Bakkt’s filings with the Securities and
Exchange Commission. You are cautioned not to place undue reliance
on such forward-looking statements. Such forward-looking statements
relate only to events as of the date on which such statements are
made and are based on information available to us as of the date of
this press release. Unless otherwise required by law, we undertake
no obligation to update any forward-looking statements made in this
press release to reflect events or circumstances after the date of
this press release or to reflect new information or the occurrence
of unanticipated events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240318740515/en/
Investor Relations Ann DeVries, Head of Investor
Relations Ann.DeVries@bakkt.com
Media media@bakkt.com
Bakkt (NYSE:BKKT)
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