The Graph (grt) 
Core Scientific Appoints Former Morgan Stanley Banker as New CFO After Bankruptcy Exit
Bitcoin mining giant Core Scientific has appointed Jim Nygaard, a former investment banker, as its new Chief Financial Officer (CFO) following the company’s emergence from Chapter 11 bankruptcy. This move comes after Core Scientific secured a $70 million debtor-in-possession loan and successfully exited bankruptcy.
Nygaard brings nearly 30 years of experience in investment banking, focusing on mergers and acquisitions, corporate finance, and capital raising. He has been a managing director at XMS Capital Partners since 2008 and previously spent over a decade at Morgan Stanley, advising companies on major deals and growth strategies.
Scaling Operations and Driving Growth
As a premier digital infrastructure provider for high-performance computing, Core Scientific believes Nygaard’s deep background in corporate finance and M&A will help the company continue scaling its operations. According to Core Scientific chief executive, Adam Sullivan, “His proven ability to drive growth and shareholder value will be an invaluable asset during this pivotal stage of our evolution.”
As a premier digital infrastructure provider for high-performance computing, we believe Jim’s deep background in corporate finance and M&A will help us continue scaling our operations. His proven ability to drive growth and shareholder value will be an invaluable asset during this pivotal stage of our evolution.
Denise Sterling, the outgoing CFO, will remain with Core Scientific until May 1 to ensure a seamless transition. Sterling played a key role in leading the company through bankruptcy and helped raise over $1 billion.
From Bankruptcy to Rebound
Core Scientific filed for Chapter 11 bankruptcy in December 2022 in the U.S. Bankruptcy Court for the Southern District of Texas after facing a liquidity crisis caused by multiple factors, including deteriorating financial performance and the bankruptcy of Celsius Mining, its largest hosting customer.
Despite filing for bankruptcy, Core Scientific continued its Bitcoin mining operations throughout the restructuring process. The company’s shares soared 4.57% on pre-market trading following the news of Nygaard’s appointment.
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