The main developer behind Zcash, Electric Coin Co., announced that its founder Zooko Wilcox will step down from his CEO position and will be succeeded by Josh Swihart. Wilcox has been leading the project since the company was established as “Zcash” in 2015.
Swihart previously served as the Senior Vice President responsible for growth at ECC and will take over the CEO role, making all strategic and tactical decisions following Wilcox’s departure.
Electric Capital expressed their confidence in Swihart’s leadership, stating that he will be successful in finding product-market fit, developing new partnerships and collaborations, improving Zcash usability, and increasing adoption.
Wilcox will continue to serve on the board of directors of ECC’s parent company, Bootstrap Project, and expressed that Zcash has taken over his life and identity, finding it difficult to see Zcash as separate from himself. However, he mentioned that in the long term, this was not healthy for either him or Zcash.
Zcash’s native cryptocurrency, ZEC, experienced a general decline, losing 5.8% of its value in the last 24 hours on Monday. It was noted that the announcement of the CEO change did not have a significant impact on the price.