An Ethereum Classic board member James Wo resigned and said that he had disagreements with the executive director of the organization Bob Sumerwill. Ethereum Classic Cooperative is a Digital Currency Group that is focused on the development of ETC as we are about to read more in the latest Ethereum classic news.
The Ethereum Classic board member announced today that he decided to leave his position at the nonprofit research organization that is focused on further Ethereum Classic development. He wrote:
“I regret to say that, as a matter of principle, I must resign from the Board, effective immediately, because of gross mismanagement. I have reluctantly concluded that the executive director, Bob Summerwill, lacks the integrity and judgment needed to build the organization.’’
Wo who is also the founder of other Ethereum Classic research group, was one of the three board members there along with CEO Barry Silbert and Cody Burns who is a long-term Ethereum core supporter. Besides giving up on his position at the board, Wo will also discontinue the financial support for the Ethereum Classic foundation but he claimed that he provided enough funding back in 2018. Wo’s statement was published moments after the network’s miner subsidy got cut from 4 ETC to 3.12 ETC per block. The China-based ETC community member Chao Du commented:
”James quitting ECC [will have a] big impact. He’s one of the few strong supporters after ETC went quiet after 2017.’’
Summerwill didn’t comment further but he did send an update release on the annual general meeting of ECC which happened on Tuesday. The group added to its board of directors naming CEO Roy Zhou and blockchain engineer Elaine Ou, as well as Greyscale legal director Craig Salm who will serve as the chair of the board of directors. Summerwill wrote:
“One of the primary tasks assigned to me when I joined the ETC Cooperative as Executive Director just over a year ago was ‘design and put in place a new governance structure for the ETC Coop. That work has taken another step forward today as the culmination of months of work alongside our new Treasurer, Alison Alexis CPA, who has been instrumental to our progress. Two Resolutions were passed today, which strengthened our Board of Directors and put the new governance policies, processes and procedures in place to enhance the ETC Cooperative’s transparency and overall mission[.]”
Wo commented that he resigned because of the incompetence and mismanagement of Sumerwill and even accused him of nepotism.
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