FRESNO, Calif. (KSEE/KGPE) – After initiating a company-wide furlough of its employees, Bitwise Industries released an update.

Bitwise officials announced their decision to terminate co-CEOs Jake Soberal and Irma L. Olguin Jr. and appointed Ollen Douglass as interim president, effective June 1, 2023.

It was an incredibly difficult decision to suspend operations at Bitwise Industries and furlough the hardworking team members. The Board of Directors was recently made aware of the company’s cash deficit by management and took immediate action as a result. The Board of Directors is taking this matter very seriously. We are committed to determining the root cause and will continue to take swift action.

Iterim President for Bitwise Industries Ollen Douglass

The Board of Directors is conducting an investigation to find out what led up to the current circumstances of the company with the assistance of independent experts.

As interim president, Douglass will oversee the investigation using his background in auditing and as a former chief financial officer.