With effect from March 26, 2024, Bakkt Holdings, Inc. announced today that Andy Main has been named President and Chief Executive Officer. Gavin Michael, who is stepping down to seek other possibilities, will be succeeded by him. Through March 2025, Michael will assist with the leadership transition and provide strategic advice to the executive team and the Board.
Since Bakkt’s public offering in 2021, Andy Main has been a member of the board of directors. He has advised and supervised the marketing and sales teams for the past year, giving him extensive knowledge of Bakkt’s operations. He is knowledgeable about the business’s prospects and knows how to offer Bakkt’s wide range of partners and clients the special advantages of cryptocurrency. Furthermore, Main offers Bakkt decades of experience in strategic leadership. As the former CEO of Ogilvy, he quickly exceeded market expectations by turning a failing company into the top creative agency in the world in just two years. Prior to joining Ogilvy, Main oversaw the growth of Deloitte Digital into a multibillion dollar international company.
Significant company achievements, such as Bakkt’s 2021 public IPO, the relaunch of our institutional custody service, securing important collaborations, and concluding and integrating the strategic acquisition of Apex Crypto, were all made possible by Michael’s crucial leadership.
Throughout his career, Andy has been at the forefront of technology—specifically, how to commercialize the newest technological innovations for some of the largest, most influential companies in the world, stated Sean Collins, Chairman of the Board. He will provide Bakkt with his unwavering focus on creating shareholder value as a seasoned business builder and change agent.
Andy has the expertise to lead the company forward from this inflection point, stated Gavin Michael, the company’s current president and chief executive officer. they will focus on growing our clientele, expanding internationally, and achieving adjusted EBITDA breakeven.
They are grateful for Gavin’s many contributions to the company during his tenure, stated Andy Main, the newly appointed Chief Executive Officer, and we wish him success in his next chapter.
The firm is moving its financial results announcement and conference call for the fourth quarter and full year 2023 to Monday, March 25, 2024 at 5:00 p.m. ET in accordance with Main’s appointment. The attendance data we published in our news release on February 27, 2024, has not altered.
Main went on, He was excited to discuss my strategies for increasing shareholder value at our next earnings call. With the money we raised recently, the proceeds from our capital raise, and our plans to cut cash outlays (mainly from legal entity integration, which NYDFS approved today) and associated cost savings, we think we have removed the major doubts about our ability to operate as a going concern.
He will also talk about how we intend to expand on the company’s solid product base and scale the business with an emphasis on effective execution in a separate discussion. Main said, Bakht is well-positioned to capitalize on the market opportunity in crypto.
Established in 2018, Bakkt provides solutions that let our customers flourish alongside the cryptocurrency market. Our clients take advantage of institutional-grade custody, trading, and onramp capabilities, as well as technologies designed for long-term, sustainable involvement in cryptocurrency.
