Shares of Bitcoin (CRYPTO: BTC) mining company Bitfarms Ltd ( BITF ) are trading lower. The company on Monday announced the termination of its CEO.

What Happened: Bitfarms ( BITF ) announced in late March that Geoffrey Morphy would continue serving as president and CEO pending an executive search for a replacement. The company on Monday announced Morphy’s termination, effective immediately.

Bitfarms ( BITF ) said Morphy filed a Statement of Claim in the Superior Court of Ontario against the company on May 10, claiming damages for breach of contract and wrongful dismissal, as well as aggravated and punitive damages of $27 million.

“The Company believes the claims are without merit and intends to defend itself vigorously,” Bitfarms ( BITF ) said in the release.

Nicolas Bonta, chairman and co-founder of Bitfarms ( BITF ), has been appointed interim president and CEO. Bonta will lead the company until the executive search is completed and a successor is appointed. Bitfarms ( BITF ) noted that its executive search is nearing completion. The company expects to appoint a new CEO in the “next several weeks.”

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Bitfarms ( BITF ) also announced on Monday that it will report its first-quarter financial results before the market open on May 15.

BITF Price Action: Bitfarms ( BITF ) shares were down 6.65% at $1.61 at the time of publication, according to Benzinga Pro.