- Maple chairman Sid Powell is leaving after disagreements with CEO, with COO Ryan O’Shea also stepping down.
- Maple says the leadership changes are an agreed and orderly transition and will not disrupt its operations.
- The company’s lending business continues to grow, although the $SYRUP token is down 62% year to date and total value locked has declined.
Maple Chairman Sid Powell and COO Ryan O’Shea Depart
Maple is undergoing a senior leadership shakeup as chairman Sid Powell leaves the company following differences with CEO, and chief operating officer Ryan O’Shea announces his departure after nearly five years at the crypto lending firm.
In a statement published Wednesday, Maple confirmed that Flanagan was stepping down as chairman and leaving the company. “This is an agreed and orderly transition,” the company said, adding that his responsibilities would move to Powell and Maple’s existing leadership team.
Maple did not announce a replacement chairman or explain how the departing executives’ duties would be handled. Flanagan said his differences with Powell had reached a point where they were no longer constructive. “I am choosing to leave rather than continue supporting a direction I cannot stand behind,” he said. Flanagan added that he would help with the transition through the end of 2026.
O’Shea also said in a Thursday post on X that he would leave after nearly five years at Maple. “I’ll be stepping down as COO. I’ve come to a different view on the direction Maple should take, and I’ve decided it’s time to step aside,” he wrote. O’Shea’s departure takes effect Nov. 27. “I’ll have no ongoing role after that,” he wrote.
Maple Plans Expansion Beyond Crypto-Backed Lending
The executive departures come as Maple seeks to broaden its lending business beyond crypto-backed loans. In October, Powell said the firm planned to reach more customers through fintech partnerships and lend against a wider range of assets.
Those potential assets include payments owed on loans issued by fintech companies, as well as securities backed by assets such as mortgages. The strategy would expand Maple’s lending activity while the company continues to develop its broader financial-services offering.
Maple Revenue Grows as SYRUP Token and TVL Decline
Maple’s lending business has continued to grow despite weaker performance from its native token and a decline in total value locked. $SYRUP traded at $0.12 at 10:36 p.m. UTC Thursday, down 7.5% over 24 hours and 12% over the past week, according to CoinGecko. The token had a market capitalization of about $145 million and was down 62% year to date.
According to Token Terminal, Maple’s protocol revenue increased 8% year over year in October, while total value locked fell by around 11% between the end of September and Nov. 11. Maple’s latest quarterly results also showed continued growth, with third-quarter revenue reaching $4.4 million, up 5% from a year earlier.
Assets under management increased 18% year over year to $4.7 billion. Maple has also used part of its revenue to buy back $SYRUP tokens. In September, the company repurchased about 1.37 million tokens, twice as many as in August, according to its October update.
Why This Matters
Maple’s leadership changes come at a significant point for the company as it balances expansion in institutional and fintech lending with weaker market performance for $SYRUP and lower total value locked. The planned shift toward a broader range of assets could reduce the firm’s reliance on crypto-backed lending, while the transition arrangements will determine how responsibilities are managed after Flanagan and O’Shea leave.
Maple and Powell did not respond to Cointelegraph’s requests for comment by publication. The company has not announced a replacement chairman, and O’Shea is scheduled to leave his role on Nov. 27. Flanagan is expected to assist with the transition through the end of 2026.
Frequently Asked Questions
Who is leaving Maple?
Chairman Flanagan and chief operating officer Ryan O’Shea are leaving Maple. O’Shea’s departure is effective Nov. 27, while Flanagan said he would help with the transition through the end of 2026.
Why are the Maple executives departing?
Flanagan said his differences with Powell were no longer constructive and that he chose to leave rather than support a direction he could not endorse. O’Shea said he had developed a different view of Maple’s direction.
How is Maple performing financially?
Maple reported $4.4 million in third-quarter revenue, up 5% year over year, while assets under management rose 18% to $4.7 billion. However, $SYRUP was down 62% year to date, and total value locked had declined around 11% between the end of September and Nov. 11.
