Terraform’s new CEO served as COO and CFO just months before the company’s spectacular $40 billion collapse in the spring of 2022.
Terraform Labs, the Singapore-based Web3 development company behind UST and LUNA, has announced that it has a new CEO. The announcement comes approximately one month after its former CEO and founder, Do Kwon, was slammed behind bars in Montenegro for “personal legal affairs” (passport forgery).
The new CEO and Director of Terraform Labs is Chris Amani, an existing employee.
Amani joined Terra in January 2022 as Chief Operating Officer (COO) and Chief Financial Officer (CFO), but he has allegedly been serving as CEO for a few months. Founder Do Kwon stepped down as CEO on 31 March 2023 and as Director on 27 May 2023 to focus on his legal troubles.
Amani has a long track record in tech companies, specialising in finance. He served nearly six years of various leadership positions at Humanity, a Texas-based employee scheduling solution for healthcare, hospitality and retail.
Before Humanity, he worked as a Director and Financial Planner at MongoDB, a developer data platform, as well as Zynga, a gaming company.
Amani now faces the mammoth job of rebuilding a company that caused industry wide turmoil in 2022 after the $40 billion collapse of its flagship stablecoins, TerraUSD (UST), and LUNA.
“It’s been a challenging year for Terra following UST’s depeg, but the Terra community and TFL team have shown incredible resilience,” Amani said. “After the depeg, the community overwhelmingly voted to rebuild Terra without algorithmic stablecoins. TFL’s mission is to execute Terra’s rebuild alongside them.”
He continued, “The process won’t be easy, but we have a clear vision of where Terra fits within the broader Web3 ecosystem and are hyper-focused on executing against that vision. We look forward to sharing more on this soon.”
The new CEO also told the Wall Street Journal that Terra isn’t planning on launching any stablecoins any time soon, stating “we have a vision for how we could salvage this, even though I think it’s going to be hard and it’s going to take a long time.”
He also wished the jailed Do Kwon “the best”, expressing hope that he’ll clear himself of legal charges.
“While he’s incarcerated and while he’s facing his own legal challenges, it just makes sense for us to continue on without him,” he said.
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