Kraken sacked its chief financial officer, Stephanie Lemmerman, just as the crypto exchange prepares to publicly list in the U.S. in the early part of this year, according to two people familiar with the matter.

Lemmerman joined Kraken from Dapper Labs in November 2024 and was the exchange’s CFO for one year and four months. She now has a strategic advisory role at Kraken, one of the people said.

Robert Moore, formerly VP of business expansion, has basically taken over her job, the person said. An updated leadership page on the website of Kraken’s parent company, Payward Inc., lists Moore as deputy CFO. Lemmerman does not appear.

Clearly it matters that Kraken has removed its CFO after lodging a confidential filing with U.S. regulators in November. That came just days after Kraken raised $800 million at a $20 billion valuation, including $200 million from Citadel Securities.

Other people who have been promoted to senior roles include Curtis Ting, who was made chief operating officer in December, and Kamo Asatryan was made chief data officer in January.

A second person familiar with the changes said finance at Kraken is changing to become more of a product than a back-office function.

Kraken declined to comment.