The CEO of Coinbase, Brian Armstrong, has been slamming a recently circulated employee petition calling for several key executives to be replaced.
The petition, called Operation Revive COIN, urged employees not to vote for a vote of no confidence in order to oust Chief Operating Officer Emilie Choi, Chief Product Officer Surojit Chatterjee and Chief People Officer LJ Brock.
The employees at Coinbase believe that the executive team has recently been making decisions that are not in the best interests of the Company, its employees and shareholders, according to organizers. COO Emilie Choi, CPO Surojit Chatterjee, and Chief People Officer LJ Brock have been the most prominent executives who have been involved in executing plans and ideas that have led to questionable results and negative value. The employees claim that Coinbase's decision to extend a hiring pause and rescind some accepted job offers has resulted in a negative reception from the public and industry at large. They also claim that Coinbase has over-prioritized certain products, which causes a lack of focus on important issues like infrastructure, and has not been able to produce any higher or better quality products and services despite aggressively hiring more employees.
The petition states that the company's performance review and Dot Collector initiative have led to a toxic workplace culture and that the launch of the company's NFT platform is a failure. The price of the coinbase has fallen more than 11% during Monday's trading session.
Armstrong responded with a lengthy Twitter thread in which he called the petition dumb on multiple levels. If you want to do a vote of no confidence, you should do it on me and not blame the execs. Who is running the company? If you have no confidence in the execs or CEO of a company, why are you working at that company? Find a company that you believe in, and quit! Armstrong said that the company's culture is to praise in public and criticize in private, and that it is a great idea to make suggestions to improve Coinbase's culture. He said that posting this publicly was deeply unethical because it hurts your fellow co-workers, along with shareholders and customers. It's dumb because if you get caught you'll be fired, and it's just not an effective way to get what you claim to want. Armstrong warned that people will point fingers and look for someone to blame during any market downturn and called for his staff to come together during the company's difficult period. He believes that additional leaks will happen periodically, citing the company's remote work policy.
If you can stop distracting us that is great and we will get back to work building cool stuff, 99.9% of the company has important work to do. Armstrong's thread ended. If you're unhappy about something, work with the team to raise it together with proposed solutions. It's easy to be a critic, harder to be a part of the solution if you can't do that and you're going to leak rant externally and quit. The coin market has been contending with extreme market volatility, and that is why Coinbase employees have been criticized for their actions.
On Monday, the price of the digital currency fell below $24,000 per coin mark, falling to a 52 week low of $22,601. The price is around $23,000 per coin at the time of publication.