AVAX One CEO steps down amid market pressure

AVAX One CEO Jolie Kahn steps down July 3. COO Pete Wylie Jr. is interim CEO. The company holds $95M in AVAX tokens and faces market pressure, with shares down over 70% in six months.

AVAX One Technology, a Nasdaq-listed firm specializing in digital infrastructure, bitcoin mining, and Avalanche (AVAX) treasury management, announced that CEO Jolie Kahn will step down effective July 3. Chief Operating Officer Pete Wylie Jr. has been appointed interim CEO while the board, with support from executive search firm ZRG Partners, seeks a permanent replacement. The company stated that Kahn’s departure was a mutual decision, with no disagreements over operations or strategy. Her separation package includes a $160,000 cash payment, medical insurance reimbursement, and $250,000 in unregistered common stock, along with non-compete and non-solicitation agreements. Wylie will receive $40,000 per month while serving as both COO and interim CEO. AVAX One currently holds approximately 13.8 million AVAX tokens, valued at about $95 million, representing around 3% of AVAX’s circulating supply. The company remains committed to its long-term Avalanche treasury strategy but has faced significant market pressure, with its stock declining over 70% in the past six months.