Bitcoin mining hardware giant Bitmain may be about to name a new CEO to replace company co-founders Jihan Wu and Ketuan Zhan.

As reported by the South China Morning Post, it seems that the Bitmain board may now turn to Haichoao Wang, their current product engineering director.

Wu and Zhan, who founded Bitmain in 2013, own 21% and 37% of the company respectively, according to the IPO prospectus. Back in December, Coin Rivet reported that Bitmain may be about to ditch their co-CEO system.

Rumoured to have already taken over

The current rumour is that Wang has already taken over duties from co-CEOs Wu and Zhan in a transition period that started last month.

Apparently, after Wang formally takes over, Wu and Zhan will move away from the company’s day-to-day business activities but will still make final decisions on any big strategic moves. It has been reported that Wu and Zhan had been disagreeing on a number of issues over the last few months.

Before starting employment at Bitmain, Wang worked at the Chinese semiconductor design house Availink between 2010 and 2017. While at the company, he has held the positions of software programmer and product manager before being appointed as product engineering director.