Portofino faces a new wave of changes in its executive team at the end of 2025

The Swiss cryptocurrency firm Portofino has experienced significant turnover in its ranks over the past few months. Chief Commercial Officer Melchior de Villeneuve and Head of HR Olivia Thurman are the latest executives to leave the company, according to sources familiar with the matter. These changes add to a series of departures that have marked the company since mid-year.

Multiple Executives Leave Portofino in Short Period

In addition to De Villeneuve and Thurman, other key team members have recently departed. Senior developers Olivier Ravanas and Mike Tryhorn, along with two junior developers, have also left the firm. Thurman, who spent nearly 18 months at Portofino after joining from Centerview Partners, confirmed her departure from the organization. De Villeneuve, who joined the company in January, did not respond to requests for comment.

The situation contrasts with the expansive vision Portofino projected just months ago. In early 2025, the company announced ambitious plans to open new offices in New York and Singapore, aiming to solidify its position in major global financial centers.

Portofino Faces Recurring Talent Retention Challenges

This is not the first cycle of changes in the company. The firm had previously experienced significant departures of senior executives earlier this year. Celyn Armstrong, who served as General Legal Counsel and Chief Compliance Officer, left the company in early 2025. His departure was followed by that of Chief Financial Officer Mark Blackborough, who left in April of the same year.

These changes become even more relevant considering that Portofino was founded in 2021 by Leonard Lancia and Alex Casimo, two former figures at Citadel Securities. The company had raised $50 million in funding at the end of 2022, positioning itself as a relevant player in the cryptocurrency market-making sector.

Management Responds to Reports of Departures

Leonard Lancia, CEO of Portofino, later questioned the characterization of these events. In communications following the initial coverage, Lancia refuted the implication that these were solely unilateral resignations. “The wording used implies a specific type of departures that does not reflect the full nature of these changes,” the executive clarified.

The company has remained reserved regarding details about changes in its staffing structure. Portofino did not provide immediate responses to multiple prior requests for comments before the reports were published, although Lancia ultimately intervened to contextualize the situation from a corporate perspective.

For a firm specialized in market creation in the crypto sector, where operational stability is critical to maintaining the trust of institutional clients, this kind of executive rotation in a compressed period raises questions about retention capacity and the internal work environment within the organization.