Maple Finance leadership exits deepen strategy split as SYRUP drops

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Maple Finance leadership exits

Highlights

Co-founder and executive chairman Joe Flanagan and COO Ryan O'Shea announce departures from Maple Finance due to strategic disagreements, with Flanagan supporting transition until end of 2026.
Maple Finance's protocol revenue rose 8% year over year in October and Q3 revenue reached $4.4 million, but total value locked dropped 11% since September and SYRUP fell 12% over the past week.
SYRUP trades at $0.12, down 62% year to date with a market cap of $145 million, as Maple doubles September buybacks to 1.37 million tokens.

Leadership transition follows strategic disagreement

As reported by Cointelegraph, Maple Finance co-founder and executive chairman Joe Flanagan says he is leaving the firm after seven years because his views on strategy, leadership and life have diverged from those of co-founder and CEO Sidney Powell.

Flanagan says the gap had grown to a point where it was no longer constructive, and that he believes Maple is best served by one co-founder leading the business. He says he will support the transition through the end of 2026.

Chief operating officer Ryan O'Shea also says he is stepping down after nearly five years at the company, adding that he has reached a different view on the direction Maple should take. O'Shea says his departure takes effect on Nov. 27 and that he will have no ongoing role after that.

In a statement published Wednesday, Maple confirms that Flanagan is stepping down as chairman and leaving the company, describing the change as an agreed and orderly transition. The company says his responsibilities will move to Powell and Maple’s existing leadership team, but it does not name a replacement chairman or spell out how the departing executives’ duties will be divided.

Growth metrics hold up as token and TVL weaken

Maple is pursuing broader expansion beyond crypto-backed lending. In October, Powell says the firm plans to reach more customers through fintech partnerships and to lend against a wider set of assets, including payments owed on loans made by fintech companies and securities backed by assets such as mortgages.

The management changes arrive as operating performance continues to improve in some areas while market indicators remain weak. According to Token Terminal, Maple’s protocol revenue rises 8% year over year in October, while total value locked falls about 11% between the end of September and Nov. 11.

Maple’s latest quarterly results show third-quarter revenue of $4.4 million, up 5% from a year earlier, while assets under management rise 18% year over year to $4.7 billion. SYRUP trades at $0.12 late Thursday, down 7.5% over 24 hours and 12% over the past week, according to CoinGecko, leaving the token down 62% year to date with a market capitalization of about $145 million.

The company has also been using part of its revenue to buy back SYRUP. In September, Maple repurchases about 1.37 million tokens, roughly double its August total, according to its October update.

Previously, we highlighted how tech weakness weighed on the S&P 500 decline amid AI investment doubts and higher borrowing costs.

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