Circle, the issuer of USDC and listed under the ticker CRCL, disclosed two senior leadership changes in an 8-K filing with the U.S. Securities and Exchange Commission on Sept. 28. The company said co-founder P. Sean Neville, who had served as a director since 2016, resigned from the board effective immediately for personal reasons. Circle said the move was part of the board’s normal refresh process and was not tied to any disagreement over the company’s operations, policies, or practices. His departure reduced the board from eight directors to seven.
In the same filing, Circle said Chief Financial Officer Jeremy Fox-Geen had notified the company of his intention to leave. He is expected to remain in the role through Dec. 31, 2026, or until a successor is in place, and the company said it has started a search with an executive recruiter. Circle also outlined the terms of his transition and separation arrangement, including a $500,000 annual salary during the transition period, a 2026 target bonus at 110% of base, continued equity vesting, $1.05 million in separation payments over 12 months, two months of additional RSU vesting, a 12-month extension of the stock option exercise period, and post-employment non-solicitation and non-compete restrictions.
Circle (CRCL), the issuer of USDC, said in an 8-K filing submitted to the U.S. Securities and Exchange Commission on Sept. 28 that co-founder P. Sean Neville had resigned from the company’s board, effective immediately, for personal reasons.
The company said Neville had served as a director since 2016. Circle described the move as part of the board’s normal refresh process and said his resignation was not related to any disagreement with the company on operations, policy, or practices. Following his departure, the size of the board was reduced from eight directors to seven.
In the same filing, Circle said Chief Financial Officer Jeremy Fox-Geen had notified the company of his intention to step down. He will remain in his role until the end of December 2026, or until his successor is appointed, whichever comes first. Circle said it has begun a search with an executive recruiter.
According to the filing, Fox-Geen and the company signed a separation-related restrictive covenant agreement. During the transition period, he will continue to receive an annual base salary of $500,000, remain eligible for a 2026 target bonus set at 110% of base salary, and continue vesting in his equity awards.
After his departure, he is set to receive $1.05 million, paid over 12 months. He will also receive an additional two months of accelerated vesting for restricted stock units, and the exercise period for his stock options will be extended by 12 months.
The agreement also includes a 24-month non-solicitation restriction and a 12-month non-compete restriction. Circle said his planned departure, like Neville’s resignation, was not the result of any disagreement with the company.
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