Gregory Mumford
About Gregory Mumford
Gregory Mumford, age 32, was appointed Chief Financial Officer of Cipher Mining Inc. effective October 14, 2025. He brings over a decade of experience in financial services, credit, and capital markets, most recently as a Director and leader in Keefe, Bruyette & Woods’ Digital Assets & Infrastructure Investment Banking group (Dec 2019–Sep 2025), with prior roles at one of Canada’s largest banks in commercial and corporate banking . At Cipher, he leads the finance organization, serves on the Executive Management Team, and reports to the CEO . Company context prior to his tenure: cumulative TSR rose ~364% from Jan 1, 2023 to Dec 31, 2024, while net losses were $44.6 million in 2024 and $25.8 million in 2023; equity value was a major driver of executive pay under prior programs . He executed SOX certifications on the Q3 2025 Form 10-Q as Principal Financial Officer .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Keefe, Bruyette & Woods (KBW) | Director; leader in Digital Assets & Infrastructure Investment Banking | Dec 2019–Sep 2025 | Advised on M&A and capital markets across digital infrastructure and industrials; structured complex transactions; led recruitment and training |
| Major Canadian Bank | Various roles in commercial and corporate banking | Not disclosed | Built expertise in credit and capital markets |
External Roles
No external public company directorships or committee roles disclosed in company filings reviewed to date .
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | $500,000 per year | Effective Oct 14, 2025 |
| Annual Bonus | Discretionary cash performance bonus; prorated for 2025 | Target % not disclosed |
| Indemnification | Company to enter standard indemnification agreement | Standard D&O indemnification |
Performance Compensation
Time-Based Equity Awards
| Award Type | Grant/Agreement Reference | Units | Vesting | Performance Condition | Notes |
|---|---|---|---|---|---|
| Sign-on RSUs | Mumford Employment Agreement (Oct 6, 2025) | 375,000 | Equal annual installments over 3 years | None (time-based) | Eligible for future awards under 2021 Incentive Award Plan |
Performance-Based Incentives
No performance-based PSU or option awards specific to Mumford disclosed as of appointment. He is eligible for equity under the 2021 Incentive Award Plan; company-wide 2025 NEO PSUs use relative TSR versus the S&P Americas SmallCap Software & Services Index with an absolute TSR modifier for other named executives, but Mumford was appointed after those grants .
Equity Ownership & Alignment
| Item | Status | Detail |
|---|---|---|
| Beneficial Common Shares | 0 shares as of initial Form 3 filing | Filed Oct 16, 2025; “No securities are beneficially owned.” |
| Ownership % of Outstanding | 0.00% | Based on 393,286,007 shares outstanding as of Sept 12, 2025 |
| Unvested RSUs | 375,000 time-based units | Vests in equal annual installments over three years |
| Options (Exercisable/Unexercisable) | None reported on Form 3 | No derivative securities reported |
| Hedging/Pledging | Prohibited | Company policy prohibits hedging and pledging, and margin purchases, subject to specified exceptions |
| Clawback | In place | Compensation Recoupment Policy compliant with Nasdaq Rule 10D-1 |
| Ownership Guidelines | Not disclosed | No officer ownership multiple disclosed in filings |
Employment Terms
| Term | Provision | Notes |
|---|---|---|
| Start Date | October 14, 2025 | Announced Oct 6, 2025 |
| Agreement Filing | To be filed with FY2025 10-K | Full text expected as exhibit |
| Severance | If terminated without cause or resign for good reason: 12 months base salary and subsidized healthcare for him and eligible dependents; subject to release | Described as consistent with other executive officers |
| Change-in-Control | Not disclosed for Mumford | Other NEO agreements provide lump-sum base salary if terminated within 12 months post-CoC; pro-rated bonus; COBRA for 12 months |
| Restrictive Covenants | Not disclosed for Mumford | Other NEOs have 1-year non-compete and non-solicit |
| Equity Plan Eligibility | 2021 Incentive Award Plan | Future awards at Compensation Committee discretion |
| Insider Trading Policy | Anti-hedging, anti-pledging, margin restrictions | Applies to officers including CFO |
| Clawback | Compensation Recoupment Policy | Administered by Compensation Committee |
| Indemnification | Standard indemnification agreement | To be entered by company |
Performance & Track Record
- Deal-making and capital markets execution: Senior banker advising on M&A and capital markets in digital infrastructure and industrials; recognized for structuring complex transactions .
- Organizational leadership: Led recruitment and training programs at KBW; recognized for contributions across the organization .
- Internal control and reporting: Signed SOX 302 and 906 certifications on Q3 2025 10-Q as Principal Financial Officer .
Risk Indicators & Red Flags
- Hedging/pledging prohibited, reducing alignment risk and the likelihood of forced-selling dynamics .
- Clawback policy compliant with Nasdaq Rule 10D-1 reduces restatement-related compensation risk .
- Related party/Item 404: No material related-party transactions; no family relationships with directors/executives disclosed .
- Section 16 compliance: Initial Form 3 filed; Power of Attorney in place for timely Forms 3/4/5 .
Compensation Peer Group and Governance Context
- Compensation consultants: Semler Brossy engaged for 2025 equity program for other NEOs; prior input from Pay Governance for 2024 bonuses for legacy NEOs .
- Pay-versus-performance: Prior period compensation and TSR alignment driven largely by stock price appreciation; net loss not used as a performance measure in prior plans .
Investment Implications
- Alignment: Zero initial beneficial ownership and a three-year, time-based RSU sign-on aligns retention over a multi-year horizon; hedging/pledging prohibitions and clawback policy reinforce shareholder alignment .
- Vesting cadence and potential supply events: Annual RSU vesting creates predictable unlocks; monitor Section 16 filings (Form 4) around annual vest dates for potential selling pressure signals .
- Retention risk: Severance includes 12 months base and healthcare with “without cause/good reason” triggers; fuller economics, change-in-control treatment, and restrictive covenants to be confirmed upon filing of the employment agreement with the FY2025 10-K . For benchmarking, other NEOs have 12-month non-compete and change-in-control lump-sum constructs .
- Execution lens: Background in digital infrastructure deal-making and capital markets is additive as Cipher scales HPC/data center initiatives; early tenure—track CFO disclosures and capital allocation decisions for leading indicators of value creation .