Polkadot co-founder Gavin Wood steps down as CEO of Parity

Wood will remain the company's majority shareholder and take on the title of Chief Architect, where he will focus on the development and promoting mass adoption of Web3 Technology.

Gavin Wood, the co-founder of Polkadot, is stepping down as CEO of blockchain infrastructure company Parity Technologies. Parity is the development company behind the Polkadot ecosystem.

In a statement released Oct. 21, Wood said he never wanted the role of CEO. Although he could act as such during an interim period, it was not a position where he saw himself finding "eternal happiness".

Wood shared, “Anyone who has worked with me knows where my heart goes. I am a thinker, coder, designer, and architect. Like many of these people, I work best asynchronously.” He added:

“A good CEO needs to be available to others on a much more continuous basis. They need to enjoy representing the company, both internally and externally. their time is swallowed up in meetings and calls with a plethora of multicolored boxes on their calendar."

In his statement, Wood announced that Parity co-founder Björn Wagner would replace him as the new CEO. Wood also said he would remain the company's majority shareholder and assume the title of chief architect.

I am pleased to announce that Parity co-founder Björn Wagner will assume the role of CEO of the company while I will retain the title of Chief Architect. https://t.co/A85FeMGZGI

In his new role, Wood said he will help