Io.net CEO Steps Down Two Days Before Token Launch; New CEO Takes Over

CEO and founder of io.net, Ahmad Shadid, has announced his resignation from the office, effective immediately.

In a recent post on X (formerly Twitter), Shadid shared his decision to step down as the CEO of io.net, a company at the forefront of decentralized AI. He clarified that his choice was not a reaction to recent allegations but a strategic move to ensure the company’s continued growth. 

Io.net CEO Steps Down

Two days before the io.net token launch scheduled for 11th June occurs, its active CEO, Ahmad Shadid, publicized his abdication as the company’s CEO. 

The Solana-based Decentralized Physical Infrastructure Networks (DePIN) Company pools together GPU resources, allowing machine learning startups to access computing power much cheaper than traditional cloud services.

Leading up to the company’s token list day, Shadid leaves and allows it to grow without him as CEO. He said, “Today, I am stepping down as the CEO of io.net, effective immediately.….. After careful consideration, I have decided that it is in the best interest of the community and the project.”

While Shadid didn’t reveal any specific reasons behind his decision, he clearly stated that he is stepping down as CEO to allow the company to make progress without distractions and grow to become more successful, not because of allegations regarding his past.

Tory Green Appointed as New CEO

As part of the leadership transition, Shadid emulated Changpeng Zhao and announced that Tory Green, a co-founder and the current Chief Operating Officer (COO) of io.net, would be stepping into the CEO role. Shadid expressed belief that Green’s extensive experience and deep understanding of the company’s operations make him a natural fit for this new role.  

Acknowledging his position as the new CEO of io.net, Green has posted on X, expressing gratitude and conviction that the company will continue to progress massively to achieve the main goal behind its establishment. 

Further, Green announced that the io.net token $IO will be launched on 11th June at 12:00UTC, a massive step in accelerating the company’s growth.

As part of his appreciation for the io.net team, former CEO Shadid promised to donate a large portion of his personal $IO allocations to the company. He said, “To show that gratitude, I will be donating 1M $IO of my personal $IO coins to io.net’s Internet of GPUs Foundation to help grow the ecosystem.”