The main developer of the privacy-focused blockchain Zcash, Electric Coin Co., announced that its founder Zooko Wilcox will resign as CEO and will be succeeded by the company’s Senior Vice President of Growth, Josh Swihart.
According to a blog post shared by Electric Coin, Wilcox had been managing the project since the company was established as “Zcash” in 2015. It was noted that Swihart will take over the CEO role responsible for the company’s 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 the usability of Zcash, and increasing adoption.
Wilcox stated that he will continue to serve on the board of directors of ECC’s parent company, Bootstrap Project. He mentioned that Zcash had taken over his life and identity, and that it was difficult to see the project as separate from himself, but in the long term, this was not healthy for either him or Zcash.
Zcash’s native cryptocurrency ZEC experienced a 5.8% drop in the last 24 hours among crypto assets that showed a general downward trend on Monday. It was also noted that the announcement of the CEO change did not have a significant impact on the price.