Tezos (XTZ)
$3.38 (8.86 %) View coin
18 May 2020

The Tezos Foundation undergoes a few personnel changes

The Tezos Foundation recently concluded its quarterly Council meeting with the announcement that current Council members Ryan Lackey and Michel Mauny will step down. Both will remain directly involved with the project, as Ryan will stay on as an advisor. At the same time, Michel will move into the role of President of Tezos core development group Nomadic Labs. Their departure follows February’s announcement that Tezos Foundation President, Ryan Jesperson, would neither seek re-election nor retain his position within the foundation’s Executive Committee.

In their place, the foundation appointed two new Council members, who will join the four remaining representatives, and veteran member Hubertus Thonhauser will assume the now vacant role of Council Chairman. The Tezos Foundation is also looking to add a seventh Council member and expand its Executive Committee, which will eventually take over the day-to-day managerial duties from the Council.

Why it matters: - Today’s restructuring announcement was not a surprise. The Tezos Foundation alluded to these changes in early March. It believes separating the roles of the Council and Executive Committee will allow the foundation to “more effectively” govern and support the Tezos ecosystem. Additional changes could be in the works. When Ryan Jesperson announced his departure back in February, he mentioned that Council members should serve no more than two years (his statement came two years after joining the foundation as President). Ryan also petitioned for a more public Council nomination and selection process that is open to the greater Tezos community. - How the Tezos Foundation responds to Jesperson’s comments will be interesting to watch long term. The foundation has a mountain of funds under its control ($635 million as of Jan. 31, 2020), and it holds more XTZ tokens than any other entity. With this amount of capital, it plays a vital role in the adoption and longevity of Tezos. Therefore, improving transparency and inclusivity would help ensure the Tezos Foundation acts in the best of its community.

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