Core Scientific Appoints New CFO Post-Bankruptcy
Bitcoin mining leader Core Scientific has named jim Nygaard as its new chief financial officer. Nygaard, a seasoned investment banker, takes over from Denise Sterling, who guided the company through its Chapter 11 bankruptcy.
nygaard brings nearly three decades of experience in investment banking, specializing in mergers and acquisitions, corporate finance, and capital raising. He has been a managing director at XMS Capital Partners sence 2008 and previously spent over a decade at Morgan Stanley.
Adam Sullivan, Core Scientific’s CEO, believes Nygaard’s expertise will help the company scale its operations. “Jim’s background in corporate finance and M&A will be invaluable as we continue to grow,” Sullivan said.
Sterling became CFO just before Core Scientific filed for bankruptcy in December 2022. She will stay until May 1 to ensure a smooth transition. The company’s shares rose 4.57% in pre-market trading following the news.
Core Scientific faced a liquidity crisis due to financial issues and the bankruptcy of Celsius Mining,its largest customer. Despite this, it continued its Bitcoin mining operations. The company secured a $70 million loan from B. Riley, helping it exit bankruptcy.
