(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.