YZi Labs and CEA Industries have finalized a cooperation agreement that ends a proxy fight over BNC's board and sets a leadership transition plan. Under the deal, BNC's board immediately expands by three seats, appointing Ella Zhang, Alex Odagiu, and Matthew Roszak as directors. They join incumbents Carly E. Howard, Annemarie Tierney, and Glenn Tyranski. Both parties will also nominate an additional independent director with expertise in digital assets and public company governance.
In return, YZi Labs drops its consent solicitation campaign and withdraws related books and records demands. The firm also agrees to customary voting commitments and standstill provisions, aiming to ensure long-term governance stability.
Board Expansion Brings Digital Asset Expertise
Ella Zhang, Managing Partner and Head of YZi Labs, said next-generation digital asset treasury companies must focus on governance, capital allocation, and long-term execution rather than just asset holdings. She emphasized that BNB's value derives from its utility across network activity, applications, liquidity, and transaction processing, and that BNC aims to build an institutional platform around that ecosystem.
Alex Odagiu will serve as Interim President, reporting directly to the board, while the current CEO David Namdar remains in place during the transition. Odagiu noted the growing role of BNB Chain in DeFi, stablecoins, payments, tokenized assets, and AI-driven applications, positioning BNC as a transparent public-market vehicle for investors seeking exposure to that growth.
Matthew Roszak brings additional blockchain and venture investing experience through his work with Bloq, Tally Capital, and digital asset policy initiatives, spanning infrastructure development and corporate governance.
CEO Search Committee Formed
BNC will form a CEO Search Committee focused on candidates with experience in both digital assets and public companies. The expanded board and leadership transition process aim to help BNC execute its BNB-focused treasury strategy more effectively. BNC Chair Carly E. Howard described the agreement as collaborative, adding that the new directors bring relevant expertise across the BNB ecosystem, venture investing, and institutional capital markets.
BNC's annual shareholder meeting is scheduled for July 22, 2026, where investors will receive additional governance details.