The two now plan to work together, though Jonathan Bixby will step down as chairman to be replaced by fellow founder Mike Edwards.
The crypto-currency miner will also propose the appointment of a new non-executive director at the annual meeting next month, who will be chosen in consultation with First Investments, the vehicle of entrepreneur Frank Timis.
Separately, First Investments has signed an outline agreement to become Argo's first and potentially largest enterprise-level mining-as-a-service customer ploughing in up to US$1mln a month.
Argo sees this as validation of its partnership with business-to-business miner HIVE Blockchain.
"We have listened to shareholders and look forward to enhanced engagement with them going forward. We are fully focused on delivering long-term value for all investors,” Edwards said.
“This announcement is further validation that both the crypto market and our enterprise level mining-as-a-service strategy has been well received by our shareholders. I would like to thank Jonathan for his dedicated service to the Company and for helping to establish a strong foundation for the business," he added.
In early trading, Argo Blockchain shares were 26% higher at 6.00p.