Anatoly Yakovenko, one of the founders of Solana, has publicly lauded Coinbase CEO Brian Armstrong’s bold move to revamp the company’s hiring procedures.
Armstrong’s decision, which mandates CEO and COO approvals for all new hires, has drawn acclaim and criticism.
.@Brian_armstrong still has that dog in him. That’s awesome, probably the highest leverage thing a CEO could do. https://t.co/Doc3x9VRwq
— toly
(@aeyakovenko) March 8, 2024
Yakovenko supported Armstrong’s plan and praised it as an example of strong leadership and a dedication to upholding high standards within the company. He sees it as a strategic move that shows the CEO is determined to keep strict hiring standards and focus on talent density.
This praise comes at a time when people in the business have different ideas. Some people see Coinbase’s actions as a sign of internal turmoil, but others, like Yakovenko, see them as a positive move to make the company run more smoothly. Coinbase’s chief product officer talked about the first results of this new hire process.
Coinbase’s Rigorous Screening and Market Surge
Chief People Officer L.J. Brock claims the company’s strict screening process has led to many rejections, though they were for good reasons. Brock saw that the average time to decision was less than 12 hours, which shows a quick and firm approach.
Investors in the stock market know how these choices will affect Coinbase’s performance. Since Coinbase changed its hiring policy in November, its stock price (COIN) has surged by 215.3%, hitting $252.62 per share.
This growth has propelled the exchange to rank among the most valuable companies globally, boasting a market capitalization of $58.78 billion.
