Riot swaps CFO, raises executive salaries, overhauls incentive plan

Riot Platforms (NASDAQ: RIOT) has appointed Jason Chung arsenic CFO and adjusted enforcement compensation, according to a institution announcement.

The enactment modulation coincides with amendments to the miner’s inducement program that incorporated information halfway show metrics.

Chung volition presume the CFO relation connected March 1, 2026. He succeeds Colin Yee, who volition measurement down from the presumption connected that day to modulation into a elder advisor relation done January 1, 2028.

Yee volition person an yearly basal interest of $500,000 for the 12 months pursuing the transition. This outgo adjusts to a monthly interest of $20,000 starting successful the thirteenth period of his advisory term. He volition besides person $2,000,000 successful service-based restricted banal units that vest successful 2 adjacent tranches done the extremity of his agreement.

Chung, 44, has served arsenic Riot’s enforcement vice president and caput of firm improvement and strategy since July 2023. He antecedently held the presumption of managing manager of mergers and acquisitions astatine Japanese concern slope Nomura.

Riot accrued Chung’s yearly basal wage from $500,000 to $550,000 successful transportation with his promotion. The miner besides raised the basal wage of Stephen Howell, the main operating officer, to $500,000 from $400,000. These adjustments align the enactment team’s wage with the company’s evolving operational scope.

The compensation committee besides approved important changes for CEO Jason Les and Executive Chairman Benjamin Yi. Their yearly basal salaries accrued to $900,000 from $600,000. The people grant level nether the yearly inducement program for Les and Yi roseate from 100% to 125%. These employment statement amendments widen done January 2031.

Riot besides eliminated the bitcoin constituent of their erstwhile compensation packages, which formerly included 10 bitcoin annually for each executive.

Riot has overhauled its 2026 yearly inducement program to prioritize integer infrastructure. The committee removed the bitcoin output metric from the show criteria. The caller program introduces information halfway gross and information halfway nett operating income arsenic cardinal metrics upon the securing of a tenant.

These caller information halfway metrics volition each transportation a 15% weighting successful the show evaluation. Payouts nether the redesigned program scope from 0% to a maximum of 200% depending connected the achievement.