The foundation governing cryptocurrency Tezos is replacing its finance chief with a long-standing PwC consultant. The move is the latest in a series of hires from traditional finance.

The Zug-based foundation governing Tezos is hiring PwC consultant Roman Schnider as its new finance chief, it said in a statement on Tuesday. Schnider replaces Eelco Fiole, effective an undisclosed date this summer.

The foundation didn't specify reasons for the departure of Fiole, who joined Tezos just five months ago. Fiole also runs his own governance firm and is an adjunct professor of finance ethics at the University of Lausanne.

Expanded Finance Role

The reason may be an expanded finance role at the foundation: While Fiole was responsible for finance, Schnider as CFO will also oversee operations. Earlier this year, foundation head Ryan Jesperson told finews.com Tezos is still improving its governance, processes, and procedures. 

«As the foundation continues to provide resources to a growing Tezos ecosystem, the CFO and operations lead will be critical to our success,» said Jesperson. The U.S. native signed on 16 months ago after Tezos's first foundation head and Tezos founders Kathleen and Arthur Breitman set aside a long-running feud.

Lawsuit Looms, Hurdle Cleared

Schnider is a 14-year veteran of PwC who launched the consulting firm's Swiss blockchain and cryptocurrency assurance department three years ago. His hire follows that of a well-known securities lawyer from derivatives boutique Leonteq in January. 

Tezos' foundation and the Breitmans remain mired in U.S. class action litigation by investors in its 2017 initial coin offering. Meanwhile, its technology is moving forward: its ledger amended itself for the first time last month in a so-called proof-of-stake process.