Circle is facing a leadership change after CFO Jeremy Fox-Geen said he plans to step down and co-founder Sean Neville resigned from the company’s board on September 25.
Fox-Geen will receive $1.05 million under an agreement tied to his departure, while Neville left the board for personal reasons. Circle said neither departure was caused by a disagreement with the company, its operations, policies or practices.
Fox-Geen will remain CFO through December 31, 2026, unless Circle appoints a replacement sooner. The company has started looking for a new CFO with help from an executive search firm. Neville’s resignation reduced Circle’s board from eight directors to seven.
Fox-Geen Gets $1.05 Million Payment
Fox-Geen told Circle on September 25 that he plans to step down after more than five years as CFO. He will remain with the company through the end of December 2026 to help with the transition.
During that time, Fox-Geen will continue receiving his $500,000 annual salary. He will also remain eligible for Circle’s 2026 bonus plan. The target is 110% of his base salary, while the final payment will depend on actual performance.
His existing stock awards will continue to vest while he remains with Circle. He will also continue receiving company benefits.
Under his departure agreement, Circle will pay Fox-Geen $1.05 million in cash through equal monthly installments over 12 months following his resignation.
The payment is subject to conditions in the agreement. Fox-Geen must follow the restrictions and sign a release in Circle’s favor.
The agreement also provides two additional months of vesting for certain restricted stock units.
After leaving Circle, Fox-Geen will have another 12 months to exercise his outstanding non-qualified stock options.
He also cannot compete with Circle for 12 months. In addition, he cannot solicit or hire Circle employees for 24 months. The agreement includes other provisions covering confidentiality, cooperation and legal claims.
Co-Founder Neville Leaves the Board
Neville co-founded Circle with Jeremy Allaire and has served on the company’s board since 2016. His resignation took effect on September 25.
Circle said Neville left for personal reasons and that his departure was not related to any disagreement with the company. The filing described the move as part of an orderly board refresh.
His resignation reduced Circle’s board from eight directors to seven. The company has not said whether it plans to appoint another director to fill the vacant seat.
Neville was part of Circle’s early leadership as the company expanded from consumer financial products and Bitcoin into digital-asset services.
Circle later worked with Coinbase to establish the Centre Consortium in 2018. USD Coin, or USDC, became its first major initiative.
Allaire remains Circle’s co-founder, chairman and chief executive.
Circle Begins Search for New CFO
Fox-Geen joined Circle in May 2021 after holding senior financial positions at iStar and Safehold. He also previously worked at McKinsey, PwC and Citigroup.
During his time at Circle, he helped manage the company’s finances as it expanded and prepared to become a public company.
Circle completed a $1.2 billion initial public offering in 2025. Fox-Geen remained CFO as the company began trading on the New York Stock Exchange under the ticker CRCL.
Circle credited him with helping build its financial organization and prepare for the IPO.
The company has now started a formal search for his replacement with help from an executive search firm. Circle has not announced an interim CFO.
Fox-Geen said in Circle’s announcement that he was proud of what the company had built during his time there and had confidence in its future.
Allaire credited Fox-Geen with providing financial leadership and helping the company maintain its operations during periods of market turmoil and growth.
Departures Follow Arc Mainnet Launch
The leadership changes come less than two weeks after Circle launched the public mainnet for Arc on September 16.
Arc is a Layer 1 blockchain designed for financial markets, money transfers and other financial applications. The network has built-in support for Circle’s USDC and launched with more than 100 applications and more than 100 institutional and ecosystem builders.
Circle had previously announced a group of founding validators for Arc. They include BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa.
Circle has not linked the departures of Fox-Geen or Neville to Arc or its launch. Fox-Geen will remain CFO through December 31, 2026, unless Circle appoints his successor sooner.
