Zooko Wilcox, the co-founder of Electric Coin Company (ECC) behind the privacy-centric cryptocurrency Zcash, has stepped down from his position as CEO. This transition marks a significant change in leadership within the company as Wilcox hands over the reins to Josh Swihart, who assumes the role of CEO.
In an announcement made via a blog post, Wilcox shared that the decision came from the Electric Coin Co's board of directors, comprising Alan Fairless, Michelle Lai, Zaki Manian, Christina Garman, and himself. The board has chosen Swihart as the new CEO. Having been an integral part of the company for over five years, Swihart previously served as the Senior Vice President (SVP) of Growth and held other key roles within ECC.
Wilcox highlighted their shared commitment to the mission of granting irrevocable, sovereign economic freedom to individuals globally, despite occasional disagreements on operational strategies.
Even after stepping down as CEO, Wilcox is set to retain a position as a director on the board of ECC's parent company, the Bootstrap Project.
The announcement of Wilcox's departure impacted Zcash's market value, causing a decline of 5.9% over the past day, settling at $28.46. Zcash is known for utilizing zero-knowledge proofs to secure users' wallet balances and transaction histories while ensuring data accuracy.
"This transition has been like waking up from a dream," Wilcox said. "I’ve been thinking about all the interesting new technologies that are coming out and how they can impact us and our society. Anything that I could commit to would need to be focused on human freedom because freedom is what breathes life into everything that we love and value."
With Swihart stepping into the CEO role, Electric Coin Co prepares for a new phase of development for Zcash and aims to continue its endeavors in the cryptocurrency landscape.