By Why Is Julian Sawyer Leaving the CEO Role?
Julian Sawyer is stepping down as CEO of Zodia Custody and moving into a strategic-adviser role as the institutional digital-asset custodian prepares to separate its custody and infrastructure businesses.
Sawyer told employees in a Sept. 10 internal memo that the planned acquisition of Zodia Custody’s custody operation by Standard Chartered, alongside the creation of Zodia Solutions, created an appropriate point to hand over day-to-day management.
“I believe this is the right point for me to hand over day-to-day leadership while remaining closely involved,” Sawyer said in the memo.
Richard Clark, Zodia Custody’s chief revenue officer, will lead the company through its transition into Standard Chartered and take responsibility for the custody operation. Current executives Craig Perrin and Anoosh Arevshatian will lead the development of Zodia Solutions.
Sawyer said he would continue working with the management team to support an “orderly transition” across both businesses.
Zodia Custody confirmed the leadership change. The company provides regulated digital-asset custody, wallet infrastructure, staking and off-exchange settlement services to institutional clients including financial institutions and asset managers.
How Does the Change Affect Zodia’s Planned Split?
The leadership reshuffle changes the plan outlined when Standard Chartered announced its proposed acquisition in May. At that time, SC Ventures said Sawyer would become CEO of Zodia Solutions after completion of the transaction.
Zodia Solutions is intended to provide banks and other financial institutions with technology, infrastructure and professional services for developing their own digital-asset operations.
Under the proposed structure, Zodia’s regulated custody activities would be absorbed into Standard Chartered’s Financing and Securities Services division. Its infrastructure platform would be separated into Zodia Solutions under SC Ventures, the bank’s innovation and venture unit.
With Sawyer now moving into an advisory role instead of taking day-to-day control of Zodia Solutions, Perrin and Arevshatian will lead development of the new business while Clark manages the custody operation through its integration with Standard Chartered.
Investor Takeaway
Sawyer’s departure from day-to-day management adds another change to a transaction that has already moved beyond its expected completion date. The main issue for institutional clients is now the timing of regulatory approval and how quickly Standard Chartered can complete the separation of Zodia’s custody and infrastructure businesses.
Why Has the Standard Chartered Acquisition Been Delayed?
Standard Chartered said in May that Zodia’s shareholders and noteholders had accepted its non-binding offer for the custody business. Financial terms were not disclosed.
Sawyer said in June that the acquisition was expected to close by the end of August. That deadline has now passed without Standard Chartered or Zodia publicly confirming completion of the deal.
Zodia said the transaction remains subject to regulatory approvals and customary closing conditions.
The delay does not mean the transaction has been abandoned, but it leaves the business operating in an interim structure while management responsibilities are redistributed. Clark will now oversee the custody operation during the transition, while the team behind Zodia Solutions works separately on the infrastructure business.
For Standard Chartered, completing the deal would bring a regulated institutional crypto custody operation directly into the bank rather than leaving it as a separately backed venture.
What Does the Deal Mean for Standard Chartered’s Crypto Strategy?
Zodia Custody was built as an institutional-focused digital-asset company with backing from Standard Chartered and other financial institutions. Bringing the custody business into the bank would deepen Standard Chartered’s direct involvement in crypto infrastructure at a time when banks are expanding services around tokenized assets, stablecoins and institutional digital-asset trading.
The separate Zodia Solutions business would take a different approach by selling infrastructure and expertise to financial institutions that want to develop their own digital-asset capabilities rather than outsource custody entirely.
That division gives Standard Chartered exposure to two parts of institutional crypto adoption: direct custody through its banking operation and technology services through SC Ventures.
The immediate focus, however, remains execution. The acquisition has not yet closed, Sawyer will no longer lead either business on a day-to-day basis and the final timing depends on regulatory approvals.
Until those approvals arrive, the leadership changes effectively put Zodia into a transition phase before its two businesses formally move onto separate paths.