New Appointments Bring Expertise in AI/HPC Conversion, Data Centers, and Real Estate Development
Financial Advisors Evercore and Northland Capital Engaged to Strengthen AI/HPC Initiatives
CASTLE ROCK, Colo. – Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a leader in vertically integrated Bitcoin mining, has announced key changes to its Board of Directors and an update on its formal evaluation of artificial intelligence (AI) and high-performance computing (HPC) opportunities.
Jaime Leverton, Doug Mouton, and Michael Turner have been appointed to the Board, following a rigorous selection process overseen by the Board’s Governance and Nominating Committee. The process included independent input from Starboard Value LP and The D. E. Shaw Group. Each of these new directors brings a wealth of experience relevant to Riot’s ongoing exploration of AI/HPC conversion, data center expansion, and real estate optimization.
Following these changes, the Riot Board now consists of six members. Ms. Leverton and Mr. Mouton will serve as Class I Directors and stand for election at the 2025 Annual Meeting of Stockholders. Concurrently, existing Board members Hannah Cho and Hubert Marleau will be retiring from their positions, effective immediately.
Benjamin Yi, Executive Chairman of Riot, stated
“Jaime, Doug, and Michael bring complementary expertise to the Board that will be immediately applicable as we continue to assess how best to maximize the value of our unique assets. We would like to thank each of Starboard and D. E. Shaw for their respective input and constructive approach throughout this process. I would also like to thank Hannah and Hubert on behalf of the entire Board for their significant contributions during their time as directors. Their roles in the growth and evolution of Riot have been instrumental, and we are grateful for their service to Riot and our shareholders.”
Strengthening AI/HPC Strategy with Leading Financial Advisors
As part of its AI/HPC strategic assessment, Riot has engaged Evercore, a premier global independent investment bank, as a financial advisor to evaluate AI/HPC use cases for the Company's power assets at its Corsicana Facility in Navarro County, Texas. Additionally, Riot has partnered with Northland Capital Markets to further support this evaluation. These engagements follow Riot’s previously announced collaboration with Altman Solon, a renowned consultancy specializing in data center strategy, along with other industry experts.
Since initiating this formal evaluation, Riot has seen a surge in inbound interest from potential partners looking to leverage the company’s power infrastructure for AI/HPC applications. The Company is now actively advancing discussions to determine the most effective pathway to unlock value from its power assets.
Jason Les, CEO of Riot, commented
“We are excited to continue to advance our AI/HPC evaluation process as we seek to maximize value for our entire portfolio of assets. We believe there is an opportunity to deliver substantial value to our shareholders and are confident we have the right team in place that will be able to help us conduct this process as efficiently and effectively as possible.”
While Riot is optimistic about the potential of AI/HPC integration, the Company acknowledges that there is no guarantee that its assets will be suitable for AI/HPC conversion, that the conversion will be financially advantageous, or that an AI/HPC partnership will be structured on favorable terms for shareholders.
Background of Newly Appointed Directors
Jaime Leverton brings a strong background in data center leadership and AI/HPC transition. Previously serving as CEO of Hut 8 Mining Corp., she led strategic mergers and acquisitions, facilitated its Nasdaq listing, and oversaw its expansion into the HPC space. Her expertise will be invaluable as Riot explores the potential transformation of its Bitcoin mining operations into AI/HPC infrastructure.
Doug Mouton, a veteran in data center development, has held leadership positions at Meta and Microsoft, overseeing global data center design and construction. His expertise in hyperscale infrastructure development will play a critical role in Riot’s AI/HPC strategic initiatives.
Michael Turner is an experienced real estate investor and asset manager, having served as President of Oxford Properties Group. His deep knowledge of capital allocation and real estate optimization will help Riot unlock additional value from its extensive property assets.
About Riot Platforms, Inc.
Riot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform. The Company is dedicated to fostering innovation and strong community partnerships while executing a best-in-class strategy for long-term growth. Riot operates large-scale Bitcoin mining operations in Texas and Kentucky and manages electrical switchgear engineering and fabrication operations in Denver, Colorado.
For more information, visit www.riotplatforms.com.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements reflecting Riot management’s expectations and assumptions about future developments. Forward-looking statements may include projections about AI/HPC demand, Riot’s ability to repurpose assets for AI/HPC applications, and other strategic initiatives. These statements are subject to numerous risks and uncertainties, including market conditions, competition, regulatory changes, and operational challenges.
For a detailed discussion of potential risks, please refer to Riot’s filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K and subsequent reports. Readers should not place undue reliance on forward-looking statements, as actual results may differ materially. Riot disclaims any obligation to update or revise forward-looking statements except as required by law.
Media Contact
Riot Platforms, Inc.Investor RelationsEmail: IR@riotplatforms.com
Originally reported by Riot Platforms.