Circle co-founder Neville leaves board as CFO exits

Circle Internet Group has disclosed two senior leadership departures, with co-founder P. Sean Neville leaving the board immediately and Chief Financial Officer Jeremy Fox-Geen planning to step down by the end of 2026.

According to Circle’s Sept. 25 Form 8-K filing, Neville resigned for personal reasons after serving on the board since 2016, while Fox-Geen informed the company the same day that he plans to leave his CFO role. Circle said neither departure resulted from a disagreement over its operations, policies or practices.

Neville’s exit reduced Circle’s board from eight members to seven. Fox-Geen will remain CFO through Dec. 31 unless the company appoints a successor sooner, giving Circle several months to complete its search and transition.

Stablecoin firm Circle finance chief Fox-Geen to step down | Reuters https://t.co/weIE6BFjj0

— Andro (@AndroOxinu) September 27, 2026

Circle begins search for its next CFO

Circle has engaged an executive search firm to identify Fox-Geen’s replacement, according to the company’s official CFO transition announcement. The company has not identified candidates or given a target date for naming the next finance chief.

Fox-Geen joined Circle in May 2021 and has spent more than five years as CFO. Circle credited him with building its finance organization and helping guide the company through its $1.2 billion initial public offering.

Chief Executive Jeremy Allaire said Fox-Geen brought “strategic insight, financial leadership, and operating discipline” during periods of market volatility and company expansion. Fox-Geen said in Circle’s release that, after completing several milestones, it was “the right time” to step down and take a break before his next role.

His planned departure differs in timing from Neville’s resignation. Neville left the board effective Sept. 25, while Fox-Geen remains responsible for Circle’s finance operations during the succession process.

Circle said Neville’s resignation forms part of an “orderly process of Board refreshment.” The filing did not name a replacement director or indicate whether the company intends to return the board to eight members.

Fox-Geen will receive $1.05 million after leaving

Circle disclosed detailed compensation and post-employment terms for Fox-Geen in the same SEC filing. Until his departure, Fox-Geen will continue receiving his annualized base salary of $500,000 and remain eligible for his 2026 annual incentive award. The target bonus equals 110% of base salary, though the final payment depends on actual performance.

His outstanding equity awards will continue vesting during the transition period, and he remains eligible for Circle’s employee benefit plans.

After his resignation date, Circle will provide an aggregate cash payment of $1.05 million in equal monthly installments over 12 months, provided Fox-Geen complies with the restrictive covenants and executes a release in favor of the company.

The agreement grants him accelerated vesting of restricted stock units equal to two additional months of vesting. Circle will extend the post-termination exercise period on his outstanding non-qualified stock options by 12 months.

Fox-Geen agreed to a 24-month employee non-solicitation and non-hire restriction following his employment. A separate non-competition covenant covering competing businesses runs for 12 months. The agreement contains confidentiality and cooperation provisions.

Circle said his final employment date will remain Dec. 31 even if a successor takes over the CFO role before then, allowing Fox-Geen to assist with the handover through year-end.

Circle shares fell after the leadership disclosure

Circle’s Class A shares closed Sept. 25 at $89, down from $93 the previous session, according to historical market data. The stock later traded near $87.37 after hours.

A report following the disclosure said CRCL declined roughly 2.6% during extended trading after news of the CFO transition and Neville’s board departure. The move occurred after a volatile September for Circle shares and does not establish that the leadership changes alone caused the full decline.

Circle remains listed on the New York Stock Exchange under CRCL. The company went public through an IPO that Fox-Geen helped oversee, according to Circle’s announcement. Recent company activity has extended beyond the leadership changes. Just days before the filing, Binance invested $100 million in Circle and signed a new five-year USDC commercial agreement.

Binance purchased approximately 1.24 million Circle Class A shares for roughly $100 million through a private placement completed Sept. 17. The agreement includes incentives tied to qualifying USDC balances while Binance promotes the stablecoin across its platform.

Circle disclosed the Binance transaction in a separate SEC filing on Sept. 22. Reuters reported that Circle shares rose close to 2% in premarket trading after the partnership announcement.

Fox-Geen leaves after Circle expanded USDC operations

Fox-Geen’s planned exit follows a year in which Circle expanded several parts of its stablecoin and blockchain business.

In May, Circle reported $694 million in first-quarter revenue and reserve income, up 20% from the previous year. USDC circulation reached $77 billion at the end of that quarter, while on-chain USDC transaction volume reached $21.5 trillion.

During the second quarter, Circle reported $701 million in revenue and reserve income. USDC circulation stood at $73.3 billion at quarter-end, Circle renewed its USDC commercial agreement with Coinbase for another three years through 2029.

More recently, Circle introduced Digital Asset-Backed Borrowing for eligible institutional Circle Mint customers. The product lets participants use Bitcoin-linked collateral to borrow USDC through third-party lending markets on Arc or Ethereum, as crypto.news reported.

Circle’s next CFO will assume responsibility for the company’s finance organization as those products and partnerships continue operating. The Sept. 25 filing does not name an interim CFO because Fox-Geen remains in office while the search proceeds.

His current term ends on the earlier of a successor taking office or Dec. 31, 2026, while his employment for transition assistance continues through the final resignation date specified in the agreement.