The CEO of Coinbase has told workers who are unhappy at the company to ‘quit and find a company you believe in.’
In a series of 16 tweets, Brian Armstrong, the CEO of the cryptocurrency exchange platform responded to a petition that called for the removal of several top executives at the company.
The document, which was labelled ‘Operation Revive COIN,’ endorsed the removal of chief operating office Emilie Choi, chief product officer Surojit Chatterjee, and chief people officer LJ Brock via a vote of ‘no confidence.’
The petition said workers had been hurt as they had to ‘deal with the unrealistic demands from said executives and the damage they have caused on a day-to-day basis.’
‘We the employees at Coinbase believe that the executive team has recently been making decisions that are not in the best interests of the Company, its employees, and its shareholders,’ petition organizers wrote.
Employees claim the trio of execs, COO Emilie Choi, CPO Surojit Chatterjee, and Chief People Officer LJ Brock, were responsible for ‘executing plans and ideas that have led to questionable results and negative value’ after the company’s stock dropped more than 80% of its value since its market debut last year.
The missteps the employees pointed to include the failure of the Coinbase NFT platform and previously unsustainable hiring for thousands of roles despite failing to hit targets. The workers claim recent moves had hurt the company’s share price and reputation.
Armstrong, however, said the petition was ‘really dumb on multiple levels.’
‘First of all, if you want to do a vote of no confidence, you should do it on me and not blame the execs. Who do you think is running this company? I was a little offended not to be included :),’ Armstrong tweeted.
In a series of tweets Coinbase Chief Executive Brian Armstrong has told employees that if they’re unhappy at the company to quit following calls for the removal of three executives
In a series of 16 tweets, Brian Armstrong, the CEO of the cryptocurrency exchange platform responded to a petition that called for the removal of top executives at the company
‘Second, if you have no confidence in the execs or CEO of a company then why are you working at that company? Quit and find a company to work at that you believe in!’ he added.
Armstrong then suggested that to air grievances about the firm would only serve to hurt the company while noting that those responsible would ultimately be fired.
‘Posting this publicly is also deeply unethical because it harms your fellow co-workers, along with shareholders and customers. It’s also dumb because if you get caught you will be fired, and it’s just not an effective way to get what you claim to want,’ Armstrong tweeted.
‘There is probably lots we can be doing better, but if you’re at a place where you want to leak stuff externally then it’s time for you to go. You’re hurting yourself and those around you.’
Coinbase Chief Product Officer Srojit Chatterjee, left, and Coinbase CEO Brian Armstrong
Coinbase Chief People Officer LJ Brock
In Armstrong’s view, human psychology makes it so ‘people want to start pointing fingers and find someone to blame’ in a down market, and he said that remote-work trend has complicated matters by making people feel less linked to one another.
‘Being physically separated each day can contribute to this unhealthy us vs them mentality,’ he wrote. ‘People forget we’re on the same team.’
‘Anyway – 99.9% of the company has important work to do, so if you can stop distracting us that be great and we will get back to work building cool stuff!’ Armstrong’s twitter thread stated.
‘If you’re unhappy about something, work as part of the team to raise it along with proposed solutions (it’s easy to be a critic, harder to be a part of the solution). If you can’t do that and you’re going to leak/rant externally then quit. Thanks!’
A petition posted online called for the removal of several Coinbase executives. It has since been pulled down
Shares in Coinbase, a company with more than 4,900 employees, have fallen by almost 80% this year as the entire world of cryptocurrency faces a downturn
Shares in Coinbase, a company with more than 4,900 employees, have fallen by almost 80% this year as the entire world of cryptocurrency faces a downturn.
Only months ago, in February, the company was planning to hire a further 2,000 employees but as the value of cryptocurrency has fallen, it has placed greater economic pressures on the company which has now said it is ‘slowing hiring.’
In some cases, offers which had been made to prospective employees were withdrawn entirely.
Coinbase earlier froze hiring for two weeks as fears of rising interest rates rocked the cryptocurrency market. Now, the crypto exchange says it will pause hiring ‘for as long as this macro environment requires.’
‘We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways,’ said L.J. Brock, Coinbase’s chief people officer, in a blog post.