Maple Finance’s strategy rift sends co-founder, COO to the exits
Two senior executives are leaving onchain asset manager Maple Finance over disagreements about the firm's direction as its SYRUP token slid more than 7% Thursday.
Flanagan announced Wednesday he would leave after seven years at the firm, citing a growing divide with Powell. "Over time, our views on strategy, leadership, and life have moved further apart," Flanagan wrote. "I believe Maple is best served by one co-founder leading it forward from here."
O'Shea confirmed his departure in a Thursday post on X, stating he would step down after nearly five years at Maple. "I've come to a different view on the direction Maple should take, and I've decided it's time to step aside," he wrote.
The departures follow a turbulent period for Maple, as its SYRUP token traded at $0.12 at 10:36 p.m. UTC Thursday, down 7.5% over 24 hours and 12% over the past week, according to CoinGecko. The token had a market capitalization of about $145 million.
Leadership Transition
Maple confirmed Flanagan's departure in a statement Wednesday, calling it "an agreed and orderly transition" that would see his responsibilities move to Powell and the existing leadership team. The company did not announce a replacement chairman.
I am choosing to leave rather than continue supporting a direction I cannot stand behind.
Flanagan added he would help with the transition through the end of 2026. O'Shea is stepping down effective Nov. 27, with no ongoing role after that date.
Expansion Amid Challenges
The leadership changes come as Maple looks to expand beyond crypto-backed lending. In October, Powell announced plans to reach more customers through fintech partnerships and lend against a wider range of assets, including payments on fintech loans and securities backed by mortgages.
Despite the token's decline, Maple's lending business continues to grow. The company reported $4.4 million in third-quarter revenue, up 5% year-over-year, with assets under management rising 18% to $4.7 billion. Protocol revenue rose 8% year-over-year in October, though total value locked fell around 11% between late September and Nov. 11.
Maple has been using revenue to buy back SYRUP tokens, repurchasing about 1.37 million tokens in September, twice as many as in August. The company has not responded to requests for comment regarding the leadership changes.
Related
