July 8 (Reuters) - Bitcoin miner Bitfarms ( BITF )

has appointed insider Ben Gagnon as its new chief

executive officer to oversee a strategic review and navigate a

dispute with its biggest shareholder, Riot Platforms ( RIOT ).

Gagnon's promotion comes months after Bitfarms' ( BITF ) plans for a

smooth leadership transition ran into difficulties. Former CEO

Geoff Morphy, whose departure was announced in March, was to

remain in his role while a search for a replacement was

conducted.

But the company accelerated his termination in May, days

after he filed a lawsuit claiming $27 million in damages for

breach of contract and wrongful dismissal. Bitfarms ( BITF ) said the

claims were "without merit".

Gagnon's appointment could help reassure investors of

Bitfarms ( BITF ) as he has previous experience as CEO. Most recently

Bitfarms' ( BITF ) chief mining officer, Gagnon founded and operated two

bitcoin miners prior to joining the company in 2019.

He has also worked intimately with every department in

Bitfarms ( BITF ), the company said on Monday.

The company has been reviewing its strategic alternatives

and is at loggerheads with its biggest shareholder Riot.

Bitfarms ( BITF ) rebuffed Riot's $950 million offer saying it

undervalued the company and adopted a "poison pill" to fend off

a hostile takeover.

Riot withdrew the offer but is seeking three board seats at

Bitfarms ( BITF ). It has said it is "ready to engage" with the company's

reconstituted board about a potential transaction.