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Argo Blockchain PLC (LON:ARB) has appointed non-executive director Ian MacLeod as its executive chairman with immediate effect.

MacLeod, who succeeds outgoing chairman Mike Edwards, also serves as corporate secretary and general counsel at telecoms and e-commerce-focused private equity investment fund Teligence.

READ: Argo Blockchain bounces as revenues increase ten-fold

 “I am delighted to accept the baton from Mike as we continue to rapidly scale up our in-house mining operations, which will further strengthen our position as a leading publicly listed cryptocurrency miner based in one of the world’s top financial centres. I look forward to working closely with Argo’s leadership team to take the business to the next level and deliver value to our shareholders”, MacLeod said.

The company said Edwards will be leaving to focus on his global e-sports venture in South East Asia.

Meanwhile, Argo also said it is ahead of schedule to reach its goal of 17,000 installed machines by the end of the first quarter of 2020, with 15,730 cryptocurrency mining machines currently operating.

In mid-afternoon trading on Monday, Argo’s shares were 0.8% lower at 6.6p.

–Adds share price–