Charles Hoskinson Declares Resignation of Cardano Foundation President

The Cardano Foundation recently announced that Michael Parsons, President of the Board of Trustees of the Cardano Foundation, has resigned with immediate effect. Pascal Schmid, Member of the Council, will initially chair the Foundation Council. Cardano’s leader Charles Hoskinson said via Twitter that “the Babylonian captivity of Cardano is over now.”

In a letter published in mid-October, Charles Hoskinson (IOHK) and Ken Kodama (CEO of Emurgo) called for the resignation of Cardano Foundation’s current Foundation President, Michael Parsons. Hoskinson and Kodama talked about a “great frustration” due to inaction and perceived shortcomings. In the video released on Youtube Hoskinson stated that Parsons “did not fulfill his core duties and responsibilities.” Overall, he and Kodama accused Parson of 8 violations in the letter, which thwarted the development and adaptation of Cardano:

  1. A lack of strategic vision
  2. The lack of a clear public plan on how the Foundation will use its resources for the good of the community.
  3. Lack of transparency in the work of the foundation
  4. Significant misrepresentations and false statements made by the Board of Trustees, including the claim that it owns the Cardano brand.
  5. Lack of financial transparency
  6. The lack of a complete and diverse board of trustees
  7. A missing concept, such as the millions of dollars that will be made available to the Foundation, will benefit the Cardano community.
  8. Lack of use of an internal governance system at the Cardano Foundation.

As a solution, IOHK and Emurgo offered to take over the tasks of the foundation by 2020.

Change at Cardano

The recently published press release states that Michael Parsons actually resigned voluntarily, with immediate effect, and that the Swiss Pascal Schmid will take over the chairmanship of the foundation for the time being, whereby the Foundation endeavors to supplement the Board of Trustees with suitable persons as soon as possible ,

The rapid departure of Parsons was probably fueled by pressure from a host of community members who relentlessly called for his resignation.

After the resignation was declared, Charles Hoskinson (CEO of Input Output Hong Kong) recorded a Youtube livestream to explain his thoughts on the situation. Interestingly, Hoskinson’s comments painted a positive image for the future of ADA and its ecosystem.

Hoskinson initially stated that Schmid would be responsible for “reviving” and rebuilding the foundation, adding that there is still a long way to go before the company becomes an “effective” entity. First, a “litany” of administrative work and countless paperwork must be completed. And, more importantly, the Cardano Foundation must restore the credibility it once had, as Hoskinson in Colorado added that the community has a strained relationship with the Foundation.

“The Foundation can tackle this latest crisis and seize the opportunity to reinvent itself and become a bulwark of good leadership. It has been rather unfavorable for the Foundation to have been pretty ineffective for two years, from stock market listing and lobbying to regulatory action to achieve core community management goals, but now it can recover from the laurels of former directors.”

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