Julian Sawyer has stepped down as chief executive of institutional digital asset custodian Zodia Custody and will take on a strategic advisor role.
In a memo sent to employees on Sept. 10, Sawyer said Standard Chartered’s acquisition of Zodia Custody’s custody business, together with the creation of Zodia Solutions, made it the right moment to hand over day-to-day leadership. He said he would remain closely involved in the company’s affairs.
According to the memo, Zodia Custody Chief Revenue Officer Richard Clark will lead the company through its transition into Standard Chartered and take responsibility for the custody business. Current executives Craig Perrin and Anoosh Arevshatian will oversee the buildout of Zodia Solutions. A Zodia Custody spokesperson confirmed the management change.
How the business is being split
Zodia Custody is a London-based institutional digital asset custodian backed by Standard Chartered and other banks. It provides regulated asset custody, wallet infrastructure, staking and over-the-counter settlement services for financial institutions, asset managers and other clients.
The new arrangement differs from the earlier plan. In May, SC Ventures said Sawyer would become chief executive of Zodia Solutions once the acquisition was completed.
Standard Chartered said in May that Zodia’s shareholders and noteholders had accepted its non-binding acquisition offer. Under that structure, the custody business would be folded into the bank’s financing and securities services division, while the infrastructure platform would be separated into Zodia Solutions under SC Ventures.