Bitcoin’s oldest trade organization has voted in a new executive director.

Weeks after outgoing executive director Bruce Fenton notified the board his term was nearing conclusion (rumors suggested he had resigned), the Bitcoin Foundation has named Llew Claasen to the position.

A relative unknown in the bitcoin and wider blockchain community, Claasen is a venture capitalist from Cape Town, South Africa and the managing partner of Newtown Partners, who primarily has a background in online and mobile infrastructure. Fenton will remain a board member of the Bitcoin Foundation.

The vote reportedly took place on 14th June. Notably, board member and Civic CEO Vinny Lingham did not vote due to a “long business relationship” with Claasen.

The appointment follows news the Bitcoin Foundation had received new funding, months after continuing to operate with close to no reserves.

Though it once boasted a nearly 10-person full-time staff, the Bitcoin Foundation shed all of its paid employees over the course of 2014. Entering 2015, the organization reorganized as a primarily volunteer organization focused more on software development, thought its relevancy in this space has recently been challenged.

For more on the Bitcoin Foundation and its path forward, read our most recent feature.

Image courtesy of the Bitcoin Foundation