AVAX One CEO Jolie Kahn Steps Down After $550M Avalanche Treasury Push

Jolie Kahn has stepped down as CEO of Nasdaq-listed AVAX One effective July 3, according to a regulatory filing. Pete Wylie Jr., the company's chief operating officer, has been appointed interim CEO while the board searches for a permanent successor. Under a separation agreement signed July 5, Kahn will receive a $160,000 lump-sum cash payment and $250,000 worth of unregistered common shares.

The leadership change follows AVAX One's strategic pivot announced last September, when the company said it planned to raise approximately $550 million and accumulate more than $700 million worth of AVAX tokens, backed by SkyBridge Capital founder Anthony Scaramucci.