Corvex Shakes up Board, Adds Co-ceo in Pivot to AI Infrastructure

Dow Jones

07/02

Corvex shareholders voted to add three board members and the company brought in a new co-chief executive as it pivots toward the artificial-intelligence infrastructure business.

The company said that Seth Demsey had been appointed co-CEO alongside co-founder Jay Crystal, effective after the shareholder meeting. Chance Moreland has also joined as chief financial officer of Corvex AI, the company said Wednesday.

At the meeting, shareholders elected Crystal to the board, alongside Nicholas Donofrio, a former executive at International Business Machines, and Patrick Fleury, the finance chief of TeraWulf. Shareholders approved the issuance of more than 20% of the company's shares to convert Series C and D Preferred Stock into common stock.

The shakeup comes after Corvex completed its disposition of legacy assets, including the health technology products Wellness Ring and Medical Ring, from its predecessor company Movano. The assets were disposed to a lender to satisfy certain secured indebtedness, the company said.

Corvex said it has been operating its healthcare division at reduced capacity and exploring strategic opportunities for the business.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

July 01, 2026 16:57 ET (20:57 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Chance Moreland has also joined as chief financial officer of Corvex AI, the company said Wednesday. \n</p>\n<p>\n  At the meeting, shareholders elected Crystal to the board, alongside Nicholas Donofrio, a former executive at International Business Machines, and Patrick Fleury, the finance chief of TeraWulf. Shareholders approved the issuance of more than 20% of the company's shares to convert Series C and D Preferred Stock into common stock. \n</p>\n<p>\n  The shakeup comes after Corvex completed its disposition of legacy assets, including the health technology products Wellness Ring and Medical Ring, from its predecessor company Movano. 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Chance Moreland has also joined as chief financial officer of Corvex AI, the company said Wednesday. \n\n\n  At the meeting, shareholders elected Crystal to the board, alongside Nicholas Donofrio, a former executive at International Business Machines, and Patrick Fleury, the finance chief of TeraWulf. Shareholders approved the issuance of more than 20% of the company's shares to convert Series C and D Preferred Stock into common stock. \n\n\n  The shakeup comes after Corvex completed its disposition of legacy assets, including the health technology products Wellness Ring and Medical Ring, from its predecessor company Movano. The assets were disposed to a lender to satisfy certain secured indebtedness, the company said. \n\n\n  Corvex said it has been operating its healthcare division at reduced capacity and exploring strategic opportunities for the business. \n\n\n \n\n\n  Write to Elias Schisgall at elias.schisgall@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 01, 2026 16:57 ET (20:57 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}