Maple Finance Co-Founder and COO Exit Amid Strategy Rift

Two senior executives are leaving onchain asset manager Maple Finance over disagreements about the firm's direction as its $SYRUP token fell more than 7% on Thursday.

Maple co-founder and executive chairman Joe Flanagan announced Wednesday he would leave after seven years at the firm, describing a growing divide with fellow co-founder and CEO Sidney Powell. Flanagan stated that his differences with Powell reached a point where they were no longer constructive and that he is choosing to leave rather than continue supporting a direction he cannot stand behind.

Chief operating officer Ryan O'Shea also announced in a post on X that he would leave after nearly five years at the firm, effective November 27. According to O'Shea, he came to a different view on the direction Maple should take and decided it was time to step aside with no ongoing role after his departure.

Leadership Transition

Maple confirmed in a statement published Wednesday that Flanagan was stepping down as chairman in an agreed and orderly transition, with his responsibilities moving to Powell and Maple's existing leadership team. The company did not announce a replacement chairman or specify how the departing executives' duties would be carried out.

Flanagan added that he would help with the transition through the end of 2026. The departures coincide with Maple's efforts to expand beyond crypto-backed lending into fintech partnerships and a wider range of assets, including payments owed on fintech loans and securities backed by mortgages.

Financial Performance

Despite the leadership shakeup and a 12% decline in the $SYRUP token over the past week to trade at $0.12 with a market capitalization of about $145 million, Maple's financial results show ongoing growth. According to Token Terminal, protocol revenue rose 8% year over year in October, while total value locked fell roughly 11% between the end of September and November 11. Third-quarter revenue reached $4.4 million, up 5% from a year earlier, and assets under management rose 18% year over year to $4.7 billion.

Key facts

• Maple Finance co-founder and executive chairman Joe Flanagan is leaving after seven years.
• Chief operating officer Ryan O'Shea is stepping down effective November 27.
• The departures stem from disagreements with CEO Sidney Powell over the firm's strategic direction.
• Maple reported $4.4 million in third-quarter revenue, up 5% year over year, with assets under management rising 18% to $4.7 billion.