John Ray, who has been hired as the new CEO of bankrupt crypto exchange FTX, is being paid a hefty sum of money for his services, according to legal documents filed by the company.
Ray, who once led the infamous energy firm Enron through its bankruptcy proceedings, replaced FTX’s former CEO Sam Bankman-Fried. Ray is being paid $1,300 an hour, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware, as reported by CoinDesk. Chief Administrative Officer Kathryn Schultea, Chief Information Officer Raj Perubhatla, and Chief Financial Officer Mary Cilia are being paid $975 per hour.
Non-employee directors who have been hired by the firm to ensure proper governance during the bankruptcy period are being paid $50,000 per month, along with expenses. The payment of salaries is “necessary for the preservation of the resources and value” of FTX’s estate, Edgar Mosley, managing director at restructuring consultancy Alvarez & Marsal, said in the filing….