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.

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.”

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.

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Harold

Coincu News