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Posted 20 November, 2023

Greenidge Generation Holdings Inc. appointed David Anderson as new CEO

Nasdaq:GREE appointed new Chief Executive Officer David Anderson in a 8-K filed on 20 November, 2023.


  On November 16, 2023, Greenidge Generation Holdings Inc. (the "Company") appointed one of its members of its Board of Directors (the "Board"), Jordan Kovler, as its new Chief Executive Officer ("CEO"), replacing David Anderson as CEO.  

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Overview of Greenidge Generation Holdings Inc.
Financial Services • Securities
Greenidge Generation Holdings, Inc. owns and operates a vertically integrated Bitcoin mining and power generation facility. It engages in the mining of Bitcoin and contributes to the security and transactability of the Bitcoin ecosystem while concurrently meeting the power needs of homes and businesses. The company was founded in 2014 and is headquartered Fairfield, CT.
Market Cap
$28.4M
View Company Details
Greenidge Generation Holdings Inc. by TradingView
Relevant filing section
Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On November 16, 2023, Greenidge Generation Holdings Inc. (the "Company") appointed one of its members of its Board of Directors (the "Board"), Jordan Kovler, as its new Chief Executive Officer ("CEO"), replacing David Anderson as CEO. Mr. Anderson will remain on the Board and will become Chairman of the Board replacing Timothy Fazio in that role. Mr. Fazio will remain as a member of the Board. All of the executive transitions described, which have been approved by the Board, are effective as of November 16, 2023.


Mr. Kovler, 43, has served as a member of the Company's Board since March 2023 when the Company expanded the size of the Board to ten directors. Mr. Kovler co-founded a consulting and proxy advisory firm, Harkins, Kovler, Leventhal & Co., LLC doing business as HKL & Co., LLC, in 2016 and has served as a managing director of the firm since its founding. Since June 2022, he has also served as an advisor to the technology services company Genesis Block LLC. Prior to co-founding HKL & Co., LLC, he worked at D.F. King & Co., a proxy solicitation firm, in progressively senior roles, including as Senior Vice President. Mr. Kovler holds a Bachelor of Arts degree from Trinity College.


In connection with his employment by the Company as CEO, Mr. Kovler entered into an Offer Letter with the Company, effective November 16, 2023, pursuant to which Mr. Kovler will receive a base annual salary in the amount of $350,000 (the "Base Salary"). In addition, Mr. Kovler will receive (i) a one-time sign-on bonus equal to a 15-day pro rated portion of the Base Salary, and (ii) a one-time grant of (A) $200,000 worth of the Company's Class A common stock ("GGHI Common Stock") and (B) 100,000 non-qualified stock options (the "Sign-On Options") pursuant to the Company's Amended and Restated 2021 Equity Incentive Plan. The Sign-On Options shall be exercisable at the market price of GGHI Common Stock on the date of grant and shall vest over a three year period in equal annual installments. In addition, Mr. Kovler will be eligible to receive an annual target bonus of up to 50% of the Base Salary in either cash or equity of the Company (or any combination of cash and equity), subject to such terms and performance conditions as determined by the Board. 


There are no other understandings or arrangements between Mr. Kovler and any other person pursuant to which Mr. Kovler was appointed to serve as CEO. There are no existing relationships between Mr. Kovler and any person that would require disclosure pursuant to Item 404(a) of Regulation S-K or any familial relationships that would require disclosure under Item 401(d) of Regulation S-K.