Circle co-founder Sean Neville will be leaving his post as co-CEO of the firm at the end of this month, according to a report from CoinDesk. In a company email, Neville said he felt it an "appropriate" time for the transition in leadership, but did not disclose a specific reason for his exit.
He will remain on Circle's board as an independent director and continue working with the company's joint venture with Coinbase, CENTRE, which issues stablecoin USDC.
Neville co-founded Circle with Jeremy Allaire in 2014 as a payments firm before obtaining a Bitlicense from the New York Department of Financial Services. It was the first to receive such a regulatory nod.
Neville did point to Circle's sale of subsidiary exchange Poloniex as a moment of transition, per CoinDesk. Circle acquired Poloniex in 2018 for around $400 million before selling it a year later.