US crypto miner Core Scientific appoints new president amid bankruptcy

Bankrupt cryptocurrency miner Core Scientific Inc. has appointed Adam Sullivan, an investment banking veteran, as its new president, the company said in a court filing dated Monday.

Fast facts

• Sullivan, whose most recent role was managing director of XMS Capital Partners, where he oversaw over US$5 billion of transactions. He also represented the Power and Digital Infrastructure Acquisition Corporation in its acquisition of Core Scientific Holding Company in 2021, the company said.
• Sullivan will report to Mike Levitt, chief executive officer of Core Scientific, and will work on financial and strategic matters while assisting with the negotiation of a reorganization plan, according to the filing.
• Core Scientific’s current president, Todd DuChene, will continue serving as chief legal officer and will take on a new role as chief administrative officer.
• In December, the Texas-based miner filed for Chapter 11 bankruptcy protection amid falling crypto prices and rising energy costs. The company added that it will continue to operating its existing self-mining and hosting operations, which has remained “significantly cash flow positive on a debt-free basis.”
• The company is expected to bring Sullivan on board 15 days after the bankruptcy court approved the employment motion, the filing showed.