In a significant organizational shift, Kraken has terminated the position of Chief Financial Officer Stephanie Lemmerman as the cryptocurrency exchange gears up for a public listing in the United States early this year. Lemmerman, who joined the company from Dapper Labs in November 2024, has held her role for one year and four months. Following her departure from the CFO position, she is expected to transition into a strategic advisory role at Kraken.
Steps to replace Lemmerman have already begun, with Robert Moore, who previously served as Vice President of Business Expansion, stepping in as her successor. An updated leadership roster on the website of Kraken’s parent company, Payward Inc., now identifies Moore as Deputy CFO, while Lemmerman’s name has been removed from the list.
The removal of the CFO comes shortly after Kraken made a confidential filing with U.S. regulators in November, which was only a few days following a substantial funding round that saw the company raise $800 million at a valuation of $20 billion, including $200 million from Citadel Securities. This strategic maneuver highlights a critical need for stability and confidence in the company’s finance team as it prepares for its initial public offering.
Additionally, other key appointments within Kraken’s executive team include Curtis Ting, who was promoted to Chief Operating Officer in December, and Kamo Asatryan, who was appointed Chief Data Officer in January. Observers note that these changes reflect a strategic evolution in Kraken’s approach to finance, moving towards a model that positions the financial function more centrally within its operations rather than relegating it to traditional back-office roles.
Kraken has opted not to comment on these developments, leaving industry analysts to speculate on the implications for the company as it navigates the complexities of going public in a rapidly changing financial landscape.
