New CEO of collapsed crypto exchange FTX is earning $1300 per hour
FTX
John Ray, the new CEO of embattled crypto exchange FTX is getting paid USD 1300 per hour, court filings in a US court have revealed. Ray took reins of FTX after its spectacular and very recent collapse. Previous CEO Sam Bankman-Fried is currently facing charges of fraud while he negotiates with authorities in the Bahamas to secure a bail.
Ray and his close-knit team in-charge of bankruptcy restructuring at FTX are not regular employees. The team arewhat is called professional independent contractors. This means they get paid immediately, even before FTX investors get their money back.
USD 1300 per hour comes to USD 2.6 million annually.
This is not first bankruptcy restructing for Ray and his team. They have worked on bankruptcy restructuring of Enron in 2005. He also has a tight-knit team which has worked with him through years. The team has worked with him at Enron, Nortel (2009) and at Overseas Shipbuilding Group (2014)
The team includes Kathryn Shultea who is the chief administrative officer, Mary Cilia who is chief financial officer and Raj Perubhatla who is chief information officer.
For the team, FTX is shelling out USD 975 per hour. This comes to USD 5.85 million annually.
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