Coin Rivet reported earlier this year that Bitmain seemed ready to replace its two co-CEOs, Jihan Wu and Micree Zhan, with product engineering director Haichoao Wang.
Bitmain has now officially announced that Wang will be taking the reigns of the company, with Wu and Zhan remaining as directors to guide the company’s strategic development. Wang has extensive experience in the chip industry and has previously headed numerous departments at the company.
The announcement details how 2018 bore witness to significant growth and change for the company.
“It  has enabled us to innovate faster and optimise and streamline our business to rally behind our vision – contributing to and enabling the internet of money,” writes Bitmain.
“With these operational changes now in place, the priority for this year is to double-down on innovating for and serving our customers.”
The end of 2018 saw the company refocus its outlook on cryptocurrency and artificial intelligence (AI) chips as well as the products based on those chips.
Bitmain notes it was a difficult but necessary decision to continue to build a “long-term, sustainable, and scalable business”.
At the same time, it has integrated the resource lines for chip design, hardware, and software to provide more effective support for its key business lines and to allocate premium resources to its major projects.
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