Business
TeraWulf Appoints Patrick Fleury as Chief Financial Officer
Brings 22 Years of Financial Experience in Principal Investing and Advisory Roles to the TeraWulf Team EASTON, Md., May 16, 2022 /PRNewswire/ -- TeraWulf Inc.
About this update from Terawulf Inc.
[{"type":"text","content":"Brings 22 Years of Financial Experience in Principal Investing and Advisory Roles to the TeraWulf Team\nEASTON, Md., May 16, 2022 /PRNewswire/ -- TeraWulf Inc. (Nasdaq: WULF) (\"TeraWulf\" or the \"Company\"), which owns and operates fully integrated, domestic bitcoin mining facilities powered by more than 90% zero-carbon energy, today announced that Patrick Fleury has been appointed Chief Financial Officer, effective today. He brings to TeraWulf 22 years of finance experience, including 16 years in principal investing roles and 6 years in advisory roles. Most recently, Mr. Fleury served as a founding member of the credit team at Platinum Equity, where he was responsible for public and private credit investments. Before that he was a Managing Director at Blackstone's global credit platform, GSO Capital Partners.\n\"With his significant capital markets expertise and portfolio management experience, Patrick has the ideal background to serve as CFO of TeraWulf for our next phase of growth,\" said Paul Prager, co-founder, Chief Executive Officer and Chairman of the Board of TeraWulf. \"TeraWulf continues to build out its facilities in upstate New York and Pennsylvania, making considerable progress toward its plans for zero-carbon bitcoin mining. We believe we have laid a strong foundation and I look forward to working with Patrick to deliver sustainable value creation for our shareholders.\"\nMr. Fleury succeeds Kenneth Deane, who will transition to the role of Chief Accounting Officer and Treasurer, also effective today, which will contribute to a seamless transition.\n\"I am excited to join TeraWulf with so much growth still ahead for the Company,\" Mr. Fleury said. \"I look forward to working closely with Ken, Paul and the entire TeraWulf team to strengthen the balance sheet and leverage our efficient capital structure to execute on our infrastructure-first strategy and enhance shareholder value.\"\nAs part of Mr. Fleury's appointment, the Company's Board of Directors approved, pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, an equity award of 1,000,000 restricted stock units, 25% of which will vest upon each of the first two anniversaries of the grant date and the remaining 50% of which will vest upon the third anniversary of the grant date, subject to Mr. Fleury's continued employment or service with the C...