Bakkt Holdings, Inc. announced that David Clifton, an ICE executive and a founding member of Bakkt?s Board, has stepped down from his position on the Company?s Board, following years of service in establishing and guiding the Company?s foundation. In addition to his role on the Board, Mr. Clifton also served as interim CEO of the Company in 2020, prior to its initial public offering. Under the terms of the IPO, ICE retained the right to designate one member of the Company?s Board for two years after the IPO, and designated Mr. Clifton for that position; however, Mr. Clifton served an additional two years to help build the business.
The Company believes that the timing of this transition is appropriate: ICE remains a major shareholder fully aligned with Bakkt?s success, while Bakkt continues with an increasingly independent board and a new leadership team.
