- Ahmad Shadid, founder of the decentralized physical infrastructure network (DePIN) protocol io.net, has announced his immediate resignation as CEO.
- The decision came amid past allegations, although Shadid emphasized it was to facilitate better growth for io.net unhindered by distractions.
- Current Chief Operating Officer Tory Green will step into the CEO role to continue the company’s mission of expanding its AI capabilities.
Ahmad Shadid steps down as CEO of io.net, paving the way for new leadership and continued growth in the AI sector.
COO Tory Green Ascends to CEO Role
Ahmad Shadid took to social media to announce his sudden resignation, passing the torch to Tory Green, who currently serves as the Chief Operating Officer. Shadid stated that despite allegations from his past, he chose to step down to ensure the company can progress without any distractions. Green will now lead io.net, leveraging his extensive experience to propel the company forward.
Tory Green’s Vision for io.net
In response to Shadid’s announcement, Tory Green expressed his gratitude and outlined his vision for io.net. Green emphasized that under Shadid’s leadership, the company had made significant strides, becoming one of the fastest-growing decentralized AI enterprises globally. Green affirmed his commitment to continuing this trajectory, aiming to make io.net the world’s leading AI compute network, accessible to users across the globe.
Anticipated Launch of IO Token
One of the most significant upcoming events for io.net is the launch of its token, IO, on Binance’s Launchpool. The token will be available starting June 11 with an initial release of 95,000,000 tokens out of a total capped supply of 800,000,000. This launch has, however, sparked concerns among the community regarding possible market manipulations.
Addressing Community Concerns
While some community members are worried that Shadid may sell off his tokens immediately, he has assured everyone that his tokens, along with those held by investors, advisors, and team members, are locked for four years. This restriction ensures that no stakeholders can offload their vested tokens before June 2025, aiming to build trust and stability around the IO token launch.
Future Developments and Leadership Transition
The leadership transition within io.net is unfolding smoothly, as confirmed by Green, who shared that more details on the leadership changes would be provided in the coming days. He also highlighted the company’s recent achievements, such as onboarding approximately 20,000 cluster-ready GPUs and serving prominent AI clients like WonderAI, Krea, and Leonardo.
Conclusion
As the dust settles from Ahmad Shadid’s departure, io.net is set to forge ahead under Tory Green’s leadership. Despite challenges and community concerns, the imminent IO token launch and the company’s robust growth trajectory signal a promising future. Stakeholders and observers alike will be closely watching io.net’s next steps as it strives to become a formidable force in the decentralized AI landscape.
