Prime Trust has made a change at the top as Tom Pageler is out as Chief Executive Officer, according to a representative from the company.
Prime Trust issued the following statement:
Today, the Prime Trust Board of Directors announced a leadership transition to better align the company, its prospects and its potential with the current marketplace. To that end, the Board appointed Jor Law to the role of Interim Chief Executive Officer, effective immediately.
We want to thank Tom Pageler for his service and we are excited to welcome Jor to the team, and believe he is the right person to lead us through this transition. He is a former member of the Prime Trust Board, [a] long-time strategic advisor, and possesses the regulatory, legal and international experience that will help ensure the company is optimally-positioned to seize growth opportunities in the rapidly-evolving digital finance industry.
The company did not provide any additional details on the decision to separate from Pageler.
Pageler stepped in as CEO of Prime Trust in early 2021, replacing founding CEO Scott Purcell. Pageler joined Prime Trust in mid-2020 as President & COO. Before joining Prime Trust, Pageler was an executive at Docusign, Exec Director at JPMorgan-Chase, Head of Risk at Visa, as well as holding other leadership positions. Soon after Pageler became CEO, Purcell exited Prime Trust to start another company.
In the past year, Prime Trust exited its business line that supported firms in the traditional securities sector to focus on its growing digital asset business. In September, Prime Trust announced that it was exiting from its Fund America business – an operation that started during the early days of investment crowdfunding in the US, becoming a dominant player in the private securities business. At that time, Prime Trust shared that it would no longer be supporting new equity raise activities on its Capital Raise Platform, and FundAmerica would support existing or past customers to transition their crowdfunding and escrow services to DealMaker.
Prime Trust did not indicate if any additional strategic changes would be forthcoming.
Jor Law is well-known in the Fintech world and is the founder of Verify Investor – a company acquired by tZERO. As well as being a form member of Prime Trust’s board of directors, Law advises multiple digital asset and Fintech firms.