Charles Hoskinson announces resignation of Cardano Foundation President
The Cardano Foundation recently announced that Michael Parsons, President of the Board of Trustees of the Cardano Foundation, has resigned with immediate effect. Pascal Schmid, member of the Council, will take over the chairmanship of the Foundation Board for the time being. Charles Hoskinson, the leading figure of Cardano, explained via Twitter that “the Babylonian captivity of Cardano is now over.”
In a letter published in mid-October, Charles Hoskinson (IOHK) and Ken Kodama (CEO of Emurgo) called for the resignation of Michael Parsons, current President of the Cardano Foundation. In the letter, Hoskinson and Kodama write of “great frustration” due to inactivity and perceived shortcomings. In the video published on Youtube, Hoskinson explained that Parsons had “not fulfilled its core tasks and obligations”. Overall, he and Kodama accused Parson of 8 misdemeanors in the letter, which slowed down the development and adaptation of Cardano:
The solution offered by IOHK and Emurgo was to take over the Foundation’s tasks by 2020.
The recently published press release now states that Michael Parsons has resigned voluntarily, with immediate effect, and that Pascal Schmid of Switzerland will take over the chairmanship of the foundation for the time being, whereby the foundation is anxious to supplement the board of trustees with suitable persons as quickly as possible.
We can announce that there has been a change in the Cardano Foundation Council. Michael Parsons has resigned with immediate effect, Pascal Schmid takes over as Chairman on an interim basis. https://t.co/hg8bvVykQy
– Cardano Foundation (@CardanoStiftung) November 13, 2018
The rapid departure of Parsons was probably facilitated by pressure from a large number of community members who relentlessly called for his resignation.
After the resignation was declared, Charles Hoskinson (CEO of Input Output Hong Kong) recorded a Youtube live stream to explain his thoughts about the situation. Interestingly, Hoskinson’s comments painted a positive picture for the future of ADA and its ecosystem.
Hoskinson first stated that Schmid would be responsible for the “revival” and reconstruction of the foundation, adding that there was still a long way to go before the company became an “effective” entity. First, a “litany” of administrative work and countless paperwork must be completed. And, more importantly, the Cardano Foundation must restore the credibility it once had, as Hoskinson in Colorado added, the community has a strained relationship with the Foundation.
The Foundation can overcome this recent crisis and use the opportunity to reinvent itself and become a bulwark of good leadership. It was quite unfortunate that the Foundation was quite ineffective for two years, from stock market listings to lobbying to regulatory action to achieve basic community management goals, but now it can recover from the laurels of former directors.
