Bitcoin miner Bitfarms (NASDAQ:BITF) has appointed Ben Gagnon as its new chief executive officer.

Gagnon, an insider with the company, steps into the role to oversee a strategic review and navigate a dispute with its largest shareholder, Riot Platforms.

Gagnon's promotion follows a challenging period for Bitfarms' leadership transition.

Former CEO Geoff Morphy, whose departure was announced in March, was initially set to stay on during the search for a new CEO.

However, Morphy's tenure was abruptly cut short in May, shortly after he filed a lawsuit seeking $27 million in damages for breach of contract and wrongful dismissal. 

Gagnon's appointment is seen as a move to stabilize and reassure investors.

With prior experience as a CEO and having most recently served as Bitfarms' chief mining officer, Gagnon brings valuable expertise to his new position.

Before joining Bitfarms in 2019, he founded and operated two Bitcoin mining companies, underscoring his deep knowledge of the industry.