The market cap of the Polkadot ecosystem has declined roughly 2.9% following news of Gavin Wood‘s departure as CEO.
Wood said his long-term passion has been to be a thinker, coder, designer, and architect. Consequently, taking off the CEO hat will allow him to return to work full-time on solving problems facing the Polkadot ecosystem.
“I’ll be pointing my regained focus towards exploring how we can contribute to making Polkadot and Web3 more relevant to large swathes of the population,” Wood added.
Following Wood’s departure, Parity co-founder Bjorn Wagner will take over as the new CEO.
Wood who is a major shareholder in Parity Technologies will continue serving as a board member, but will not be involved in the day-to-day running of the company.
Polkadot ecosystem in red
The Polkadot ecosystem has reportedly lost over 2.9% of its market cap in the last 24 hours, as it sits at roughly $13 billion.
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