Ethereum Classic Cooperative Board Member Quits Due to Mismanagement from The Executive Director
A board member of Ethereum Classic Cooperative (ECC), James Wo has announced that he is resigning from the board. According to Wo, his resignation takes effect from Tuesday, March 17, 2020.
Wo cited gross mismanagement from the executive director, Bob Summerwill, as the main reason behind his decision. He claims Summerwill lacks the integrity and judgement needed to build the organization. Wo said Summerwill’s regime, has been characterized by incompetence, financial mismanagement and chaos.
Being a board member of ECC since 2018, Wo said he is proud to help incubate and support an organization committed to building the Ethereum Classic community. He claims his company provides significant financial support for the community through grants, early-stage investments, direct funding and donations.
However, Wo claims there have been lack of transparency about the budget, operations and programs on the part of Summerwill. Beside the opaque finances, Wo said Summerwill has hired his fiancé as the accountant, which raises a red flag that needs to be addressed.
Wo further alleged that Summerwill has been pursuing a personal agenda at the expense of the organization. He said Summerwill has been embarking on constant travel expenses that seem more personal than professional. Adding that, the executive director has failed to meet basic fund raising goals of ECC.
Although Wo claims his company will no longer provide funding to the ECC in 2019-2020, he will not dissociate himself completely from Ethereum Classic. He said they will collaborate with other partners such as Chainsafe, Gitcoin and Chainlink, among others, to make ECC stronger.
Featured image courtesy of Shutterstock. Source: Cryptopress.