Riot Platforms (NASDAQ: RIOT) has appointed Jason Chung as CFO and adjusted executive compensation, according to a company announcement.
The leadership transition coincides with amendments to the miner’s incentive plan that incorporate data center performance metrics.
Chung will assume the CFO role on March 1, 2026. He succeeds Colin Yee, who will step down from the position on that date to transition into a senior advisor role through January 1, 2028.
Yee will receive an annual base fee of $500,000 for the twelve months following the transition. This payment adjusts to a monthly fee of $20,000 starting in the thirteenth month of his advisory term. He will also receive $2,000,000 in service-based restricted stock units that vest in two equal tranches through the end of his agreement.
Chung, 44, has served as Riot’s executive vice president and head of corporate development and strategy since July 2023. He previously held the position of managing director of mergers and acquisitions at Japanese investment bank Nomura.
Riot increased Chung’s annual base salary from $500,000 to $550,000 in connection with his promotion. The miner also raised the base salary of Stephen Howell, the chief operating officer, to $500,000 from $400,000. These adjustments align the leadership team’s pay with the company’s evolving operational scope.
The compensation committee also approved significant changes for CEO Jason Les and Executive Chairman Benjamin Yi, with their annual base salaries each increasing from $600,000 to $900,000. However, Riot also eliminated the bitcoin component of Les’ and Yi’s base compensation packages, which formerly included a payment of 10 bitcoin annually for each executive.
Additionally, the target award level under the annual incentive plan for Les and Yi rose from 100% to 125%. These employment agreement amendments extend through January 2031.
Riot has overhauled its 2026 annual incentive plan to prioritize digital infrastructure. The committee removed the bitcoin yield metric from the performance criteria. The new plan introduces data center revenue and data center net operating income as key metrics upon the securing of a tenant.
These new data center metrics will each carry a 15% weighting in the performance evaluation. Payouts under the redesigned plan range from 0% to a maximum of 200% depending on the achievement.
Edit January 5, 2026 – 9:30pm ET: Edited headline and paragraphs 7 and 8 to reflect changes to total executive compensation after the removal of annual bitcoin payouts.
