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Circle co-founder P. Sean Neville has resigned from the stablecoin issuer’s board, while Chief Financial Officer Jeremy Fox-Geen plans to step down by the end of December.
The departures were disclosed on Sept. 25. Neville’s resignation took effect immediately, reducing Circle’s board from eight directors to seven. Fox-Geen will remain CFO through Dec. 31 unless the company appoints his successor sooner.
Neville Leaves Circle Board After Serving Since 2016
Neville co-founded Circle and has served on its board since 2016. Circle said he resigned for personal reasons as part of an orderly board refresh and that his departure was not connected to any disagreement over the company’s operations, policies, or practices.
Circle did not name a replacement director or indicate whether it plans to restore the board to eight members. Neville’s departure removes one of Circle’s original founders from the board. Co-founder Jeremy Allaire remains chairman and chief executive.
Circle Begins CFO Search Ahead Of December 31 Departure
Fox-Geen joined Circle in May 2021 and has served as CFO for more than five years. The company credited him with building its finance organization and helping guide Circle through its $1.2 billion initial public offering.
Circle has hired an executive search firm to identify its next finance chief. No interim CFO or permanent successor has been announced.
Fox-Geen will continue receiving his $500,000 annualized base salary during the transition and remains eligible for his 2026 incentive award, which has a target equal to 110% of his base salary.
Fox-Geen to Receive $1.05M Under Departure Agreement
Circle also entered a departure agreement with Fox-Geen covering compensation and post-employment restrictions. Subject to the agreement’s conditions, Fox-Geen will receive $1.05 million in cash over the 12 months following his resignation.
He will also receive two additional months of restricted stock unit vesting and an extra 12 months to exercise outstanding non-qualified stock options.
The agreement includes a 12-month non-compete provision and a 24-month restriction on soliciting or hiring Circle employees.
Circle said Fox-Geen’s planned departure, like Neville’s resignation, was not caused by a disagreement with the company. The immediate next step is Circle’s search for a new CFO before Fox-Geen’s scheduled Dec. 31 exit.
