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Circle
2026-09-29 01:30:02

Circle loses two long-serving directors as CFO prepares exit and board shrinks to seven

Circle disclosed on Sept. 25 that co-founder Sean Neville resigned from the board effective immediately, while Chief Financial Officer Jeremy Fox-Geen is set to hand over his role by year-end. The move follows the earlier departure of lead independent director Rajeev Date, cutting the board from nine seats to seven in a matter of months. In regulatory filings, Circle said the board exits were part of an orderly refresh process and that Fox-Geen’s departure did not stem from any disagreement over the company’s operations, policies, or practices. The leadership changes come at a time when Circle is still leaning heavily on reserve income tied to USDC. At the end of the second quarter, USDC circulation stood at $73.269 billion, up 19% year over year but down about 4.8% from the prior quarter. Circle reported $701 million in revenue and reserve income for the quarter, with $668 million, or about 95%, coming from reserve assets backing USDC. The company has also highlighted new growth areas, including the Arc network, a proposed acquisition of Singapore-based payments platform Tazapay, and a five-year USDC promotion agreement with Binance. Public filings do not provide a single shared reason for the departures of Date, Neville, and Fox-Geen. What they do show is a company managing executive and board turnover while trying to prove that businesses beyond reserve interest can scale into a more material part of its revenue mix.

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Circle loses two long-serving directors as CFO prepares exit and board shrinks to seven
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