Maple Finance co-founder and COO quit over strategy, SYRUP falls 7.5%

What was announced. A November 11 post on Maple's site says Joe Flanagan is stepping down as chairman and leaving the company. Maple calls it an agreed and orderly transition. His duties move to CEO and co-founder Sidney Powell and the leadership team.

Why they are leaving. Cointelegraph reports Flanagan wrote that his views and Powell's on strategy, leadership and life have moved apart, and Maple is best served by one co-founder leading it. He will help with the handover until the end of 2026. COO Ryan O'Shea wrote on X that he sees Maple's direction differently and leaves on November 27.

The business. Maple says it has originated more than $20 billion in loans, manages $4.8 billion and has paid lenders more than $100 million in yield. Cointelegraph, citing its results, says third-quarter revenue rose 5% year on year to $4.4 million. Still, SYRUP is down 62% this year, and value locked in the protocol fell about 11% from late September to November 11, per Token Terminal.

Market reaction. CoinGecko data cited by Cointelegraph showed SYRUP at $0.12 on Thursday night, down 7.5% in 24 hours and 12% in a week. Maple says its direction is unchanged and operations continue as normal.

Confirmed facts

• On November 11, 2026 Maple Finance said co-founder Joe Flanagan is stepping down as chairman and leaving the company.^[1][2]
• Maple calls it an agreed and orderly transition; his duties move to CEO Sidney Powell and the leadership team.^[1]
• Maple has originated more than $20 billion in loans, manages $4.8 billion and has paid lenders more than $100 million.^[1]
• COO Ryan O'Shea announced on X that he is leaving, effective November 27.^[2]
• Flanagan will help with the transition through the end of 2026.^[2]
• SYRUP traded around $0.12, down 7.5% in 24 hours and 12% in a week, with a market cap of about $145 million.^[2]
• Maple's third-quarter revenue rose 5% year on year to $4.4 million.^[2]

Implications

• ConfirmedMaple officially says its strategy and day-to-day operations are unchanged.
• Our readingTwo leaders leaving over strategy may push some lenders to withdraw until the new team is clear. This is our inference.
• Our readingFor SYRUP holders, assets under management and revenue in the next updates will matter most. This is our inference.

Still unknown

• Who will become the new chairman.
• What exactly the strategy disagreement is about.
• Whether more leaders will leave.

Who it affects

Global. SYRUP holders and anyone lending through DeFi protocols

Sources

1. Maple Finance: A leadership update from Maple November 11, 2026 · official
2. Cointelegraph: Maple Finance's strategy rift sends co-founder, COO to the exits November 12, 2026 · media