Circle Internet Group's Chief Financial Officer Jeremy Fox-Geen will step down by the end of 2026, and the USDC issuer's stock fell in after-hours trading following the announcement. The company also disclosed that co-founder P. Sean Neville has resigned from its board. Fox-Geen will remain in his role through the transition while Circle searches for a replacement.
Circle Internet Group (NYSE: CRCL) stock fell 2.6% in Friday's extended session after the USDC issuer said Chief Financial Officer Jeremy Fox-Geen is stepping down after more than five years. Fox-Geen will remain CFO through Dec. 31, 2026, or until a successor is appointed, whichever comes first, while Circle works with an executive search firm to find his replacement.
Fox-Geen joined Circle in May 2021. The company credited him with helping build its finance organization and navigate its $1.2 billion initial public offering, which brought Circle to the New York Stock Exchange in June 2025.
Severance package
Under the exit agreement, Fox-Geen will keep receiving his $500,000 annualized base salary through his remaining employment and stays eligible for a 2026 incentive award targeted at 110% of base salary. After he leaves, Circle will pay him $1.05 million in equal monthly installments over 12 months, conditional on his compliance with a 12-month non-compete and a 24-month non-solicitation covenant.
According to The Defiant: "it is now the right time for me to step down and take a break", Fox-Geen said in the company's announcement. Circle said his departure did not result from any disagreement with its operations, policies or practices.
Board loses a co-founder
In the same filing, Circle disclosed that co-founder P. Sean Neville resigned from the board effective Sept. 25 for personal reasons, part of what the company called an orderly board refreshment. The board's size fell from eight directors to seven as a result.
The leadership change follows Circle's second-quarter 2026 revenue and reserve income of $701 million, up 7% from a year earlier. USDC circulation reached $73.3 billion, up 19% year-over-year at quarter-end. Both departures, Circle said, were characterized as amicable and unrelated to any disagreement over company operations, policies or practices.
Circle has not yet named Fox-Geen's successor and continues its executive search for the role.
Sources: The Defiant, Investing.com
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