Maple Finance is losing two senior executives after a public split over the company’s direction. Co-founder and executive chairman Joe Flanagan said he is leaving after seven years at the firm, while chief operating officer Ryan O’Shea said he will step down later this month.

The departures arrived as Maple continues to report revenue growth but faces weaker token and platform metrics. SYRUP traded at $0.12 late Thursday, down 7.5% over 24 hours and 12% over the past week, with a market capitalization of about $145 million, according to CoinGecko.

Executives cite differences over Maple’s future

Flanagan said a widening divide had emerged between him and fellow co-founder and CEO Sidney Powell. In a public statement, he said their views on strategy, leadership and life had moved further apart and that Maple would be better served with one co-founder leading the business.

He also said the disagreement had reached a stage where it was no longer constructive. Rather than continue backing a direction he said he could not support, Flanagan chose to leave. He added that he plans to assist with the transition through the end of 2026.

O’Shea, in a Thursday post on X, gave a similar explanation for his own exit. He said he had come to a different view on the direction Maple should take and would therefore step aside after nearly five years at the company.

Maple calls the change orderly

Maple said in a Wednesday statement that Flanagan was stepping down as chairman and leaving the company as part of an agreed and orderly transition. The firm said his responsibilities would be absorbed by Powell and the existing leadership team.

The company did not name a new chairman or explain in detail how the work of the departing executives would be redistributed. O’Shea said his resignation takes effect on Nov. 27 and that he will have no ongoing role after that.

Maple and Powell did not respond to Cointelegraph requests for comment before publication.

Expansion plans come amid internal split

The leadership changes come as Maple seeks to broaden its business beyond crypto-backed lending. In October, Powell said the firm planned to reach additional customers through fintech partnerships and to lend against a wider set of assets.

Those assets, according to Powell’s comments at the time, could include payments due on loans made by fintech companies as well as securities backed by assets such as mortgages. The executive departures therefore land at a moment when Maple appears to be pursuing a broader strategic shift.

Revenue rises while token and TVL lag

Maple’s operating figures have continued to improve even as SYRUP has struggled. The token is down 62% year to date, while the protocol’s total value locked has also moved lower.

Token Terminal data cited in the report showed Maple’s protocol revenue rose 8% year over year in October, while TVL fell about 11% from the end of September to Nov. 11. Maple’s own latest quarterly results showed third-quarter revenue of $4.4 million, up 5% from a year earlier, and assets under management of $4.7 billion, up 18% year over year.

The company has also been buying back SYRUP with part of its revenue. In September, Maple repurchased about 1.37 million tokens, roughly double the amount bought back in August, according to its October update.

What is confirmed next

For now, the only confirmed timetable is around the exits themselves. O’Shea said he will leave on Nov. 27, while Flanagan said he will remain involved in the transition through the end of 2026.

Maple has said the departures should not disrupt the business, but it has not yet announced a replacement chairman or provided further detail on the longer-term leadership structure. That leaves Powell and the current leadership team as the named stewards of the company’s next phase.

Source: cointelegraph.com