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News

FTX’s New CEO Is Paid $1,300/Hour

November 21, 2022 - Around 2 mins mins to read
According to documents filed with the Delaware U.S. Bankruptcy Court, John J. Ray III, FTX’s new CEO and chief restructuring officer, was paid $1,300 per hour and billed at least monthly.
FTX's New CEO Is Paid $1,300/Hour

The document states that Ray is still an employee of Owl Hill, indicating the salary he received under the engagement letter.

“The services of John J. Ray III are retained pursuant to an engagement letter (CEO Engagement Letter) between Owl Hill Advisory, LLC and the Debtors.

Under the terms of the CEO Engagement Letter, Owl Hill will provide Ray’s services as CEO of the Debtors, but Mr. Ray will remain an employee of Owl Hill and the Debtors will pay the current hourly rate of $1,300 per hour under the CEO Engagement Letter.”

FTX's New CEO Is Paid $1,300/Hour
FTX's New CEO Is Paid $1,300/Hour 3

This is quite a high salary compared to some positions in the company today, and FTX is still in the bankruptcy process. However, for some people it is normal.

As Coincu reported, Ray previously criticized Sam Bankman-Fried and the mess he left behind after the collapse of FTX. The new CEO has also been fined by the SEC for insider trading allegations.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

FTX

John J. Ray III

Owl Hill

Sam Bankman-Fried

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

FTX’s New CEO Is Paid $1,300/Hour

According to documents filed with the Delaware U.S. Bankruptcy Court, John J. Ray III, FTX’s new CEO and chief restructuring officer, was paid $1,300 per hour and billed at least monthly.
FTX's New CEO Is Paid $1,300/Hour

The document states that Ray is still an employee of Owl Hill, indicating the salary he received under the engagement letter.

“The services of John J. Ray III are retained pursuant to an engagement letter (CEO Engagement Letter) between Owl Hill Advisory, LLC and the Debtors.

Under the terms of the CEO Engagement Letter, Owl Hill will provide Ray’s services as CEO of the Debtors, but Mr. Ray will remain an employee of Owl Hill and the Debtors will pay the current hourly rate of $1,300 per hour under the CEO Engagement Letter.”

FTX's New CEO Is Paid $1,300/Hour
FTX's New CEO Is Paid $1,300/Hour 6

This is quite a high salary compared to some positions in the company today, and FTX is still in the bankruptcy process. However, for some people it is normal.

As Coincu reported, Ray previously criticized Sam Bankman-Fried and the mess he left behind after the collapse of FTX. The new CEO has also been fined by the SEC for insider trading allegations.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News