Blythe Masters, the CEO of distributed ledger technology provider Digital Asset Holdings, has stepped down after three years running the firm.
The company announced Tuesday that Masters will remain as a shareholder, strategic advisor and member of the company’s board of directors, but that she would vacate her position as chief executive for personal reasons. The departure was first reported by Fortune.
In a note to employees sent earlier today, Masters wrote that “working as part of the DA family means the world to me, but I also work for my family’s future and I need to focus on this for a while.”
Masters will be temporarily replaced by AG Gangadhar, who joined the firm’s board this past April and has been appointed as its chairman. He will serve as acting CEO while the company looks for a new chief executive, according to a press release.
In a statement, Masters said the company has “evolved” from being an idea to operating as a technology firm worldwide. She praised Gangadhar, saying:
“We are fortunate to have a deep bench of accomplished executives on the management team and Board, including AG, who have the requisite experience to take the company to the next level. Having come to know and trust AG as an advisor and Board member, I am convinced that he brings what’s needed to guide the company through its next phase.”
Gangadhar has previously worked at Google, Microsoft, Amazon, Cruise (GM) and Uber, according to the release.
Masters began leading Digital Asset in 2015, the year after it was first founded. The firm has since grown to work with companies including the Depository Trust and Clearing Corporation, Google Cloud and the Australian Securities Exchange.
Michael Bodson, president and CEO of the Depository Trust and Clearing Corporation and member of the Digital Asset board, thanked Masters in a statement, saying “her leadership and vision … has propelled the company from a promising startup to a globally recognized leader in DLT. We are excited to have a world-renowned technologist like [Gangadhar] to help take the company forward.”
Blythe Masters on stage at the DC Blockchain Summit, March 2015. (Photo credit: Michael del Castillo)