Circle CFO Jeremy Fox-Geen to step down by end of 2026
Circle CFO to leave by the end of 2026
Circle Internet Group said on Sept. 25 that Chief Financial Officer Jeremy Fox-Geen will step down by the end of 2026. The company, which issues the USDC stablecoin, has already begun looking for a replacement.
A stablecoin is a cryptocurrency designed to hold a steady value, usually tied to the US dollar.
Circle said Fox-Geen will stay in the CFO role until Dec. 31 or until a successor is appointed, whichever comes first. He will remain employed through Dec. 31 to help with the handover. Circle is working with an executive search firm and has not named a new CFO.
Key points
- Circle announced the CFO change on Sept. 25 and says the search for a successor is under way.
- Fox-Geen will remain CFO until Dec. 31 or until a replacement starts, whichever happens first.
- He joined Circle in May 2021 and helped guide the company's $1.2 billion initial public offering.
- Co-founder P. Sean Neville also left Circle's board on Sept. 25, for personal reasons.
What Fox-Geen and Circle said
"Having achieved many milestones, it is now the right time for me to step down and take a break before my next chapter," Fox-Geen said in the company's announcement.
Circle said his departure was not the result of any disagreement with its operations, policies or practices. The company also credited him with helping build its finance organization and navigate its $1.2 billion initial public offering. Circle made its debut on the New York Stock Exchange in June 2025.
Pay and conditions in the exit agreement
Details of the transition were included in the same filing. Fox-Geen will keep receiving his $500,000 annualized base salary through his remaining time at the company.
He remains eligible for a 2026 incentive award with a target of 110% of his base salary, depending on actual performance, and will continue to vest in outstanding equity awards.
After he resigns, Circle will pay him $1.05 million in equal monthly installments over 12 months. The payments depend on him following restrictive covenants and signing and not revoking a release in the company's favor.
The package also includes two extra months of restricted-stock-unit vesting and a 12-month extension of the exercise period for outstanding non-qualified stock options.
The agreement sets a 12-month non-compete after his employment ends, along with a 24-month non-solicitation and non-hire covenant covering employees.
Co-founder Sean Neville also leaves the board
In the same filing, Circle said co-founder P. Sean Neville resigned from its board effective Sept. 25 for personal reasons. The company described the exit as part of an orderly board refreshment that was unrelated to any disagreement over operations, policies or practices. The board's size dropped from eight directors to seven.
Circle's most recent results
The transition was announced after Circle reported second-quarter 2026 revenue and reserve income of $701 million, up 7% from a year earlier, and net income from continuing operations of $48 million. USDC circulation stood at $73.3 billion at the end of the quarter, up 19% year-over-year.
What is still unclear
Circle has not named a replacement for Fox-Geen. The filing does not say when a new CFO is expected to be appointed, so the exact date his employment ends may depend on how long the search takes.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.