Ahmed Shadid’s departure as CEO of io.net is not because of the previous allegations.

Ahmed Shadid, the founder of decentralized physical infrastructure network (DPIN) protocol io.net, has announced his resignation as CEO “effective immediately”.

Despite the previous allegations, he said he stepped down as CEO to allow io.net to move forward without interference.

COO Tori Green took over

“I am resigning as CEO effective today,” Shadid posted to X on June 9.

He added that current Chief Operating Officer Tory Green will take on the role of CEO. Without distractions and to focus on the growth and success.

$IO Nation, today I am stepping down as the CEO of Effectiveness. It has become one of the fastest growing decentralized AI companies in the world. After careful consideration, I decided that it was in good shape…

– Shadid | $IO™ (@shadid_io) June 9, 2024

Shadid expressed his intention to donate the soon-to-be-released one million io.net tokens from his personal holdings to the GPU Foundation to “enhance the ecosystem”.

In a separate post on X, Tory Green responded to Shadid's announcement that, under Ahmed's leadership, io.net has evolved into one of the fastest-growing AI companies globally. Green emphasized that moving forward, the company will continue to fulfill Ahmed's vision of becoming the world's largest AI computer network and making AI accessible globally.

I am honored to be promoted to CEO to be effective immediately.

Led by @shadid_io, it has become one of the fastest growing AI companies in the world.

We will continue to work forward on the vision…

-tory.io 🦾 (@MTorygreen) June 9, 2024

Green highlighted the company's achievements, noting that the network has deployed nearly 20,000 cluster-ready GPUs and is serving AI companies such as WonderAI, Krea and Leonardo with end-to-end AI innovation and model training workloads.

Green also assured stakeholders that the company's operations have been smooth under his supervision and that he will share more details about the management team changes in the coming days.

IO Token launch and risks

The io.net token, IO, was capped at 95,000,000 tokens on Binance's Launchpool on June 11 at 12:00 am UTC, with a total supply of 800,000,000 tokens.

Meanwhile, Shadid's resignation has sparked fears that IO may lose its tokens upon launch. “It looks like a carpet. It got the coins now it drops on launcher and disappears,” said one X user.

However, Shadid addressed these concerns by stating that his tokens are locked for four years and that no investor, advisor or team member can sell their monthly tokens until June 2025.