The recent firing of Portofino Technologies’ co-founder and CFO in July has led to a significant number of staff departures within the Switzerland-based crypto market making firm. The dismissal of chief operating officer and co-founder Alex Casimo and CFO Jae Park prompted the resignations of Vincent Prieur, head of strategy and operations, and Shane O’Callaghan, global head of business development, along with several other employees.
Approximately 30%-40% of the firm’s workforce, totaling between 10 and 12 individuals, have either left or are in the process of serving notice since the removal of the two executives. In response, Portofino has appointed Mark Blackborough as the new CFO and Olivier Sultan as a senior sales trader.
Following the approval earlier this year from the Financial Conduct Authority (FCA) to cater to institutional crypto clients in the U.K., Portofino Technologies has been actively recruiting to replenish its workforce. The company, which secured $50 million in equity funding in late 2022, was established by former Citadel Securities leaders Leonard Lancia and Alex Casimo in 2021.
Despite the recent staff turnover, a spokesperson for Portofino stated that the firm is focused on strengthening its leadership team to capitalize on anticipated growth in the coming year. The company currently has four open positions and has restored its headcount to pre-summer levels.
However, some criticism has been directed at CEO Leonard Lancia on job and recruitment platform Glassdoor, with reviews mentioning a “toxic work environment” and questioning his decision-making. One review stated, “The CEO is inexperienced and volatile. His decisions do not favor the business, only himself.”