Bankrupt Celsius Seeks To Hire Ex-CFO Rod Bolger At $92,000 Per Month

KEY POINTS

Rod Bolger served as CFO of Celsius for five months
He resigned from his position on June 30
He was replaced by Chris Ferraro

Troubled crypto firm Celsius aims to re-hire former Chief Financial Officer (CFO) Rod Bolger with a monthly compensation of $92,000, which will be prorated over six weeks.

The crypto lending said it needs Bolger to navigate through the bankruptcy proceedings and advise the firm on the same as well, according to a motion filed with the Southern District of New York on July 25.

"Because of Mr. Bolger's familiarity with the Debtors' business, the Debtors have requested, and Mr. Bolger has agreed pending the Court's approval, to continue providing advisory and consulting services to the Debtors pursuant to an Advisory Agreement," the filing revealed. "In consideration for the advisory services rendered by Mr. Bolger, the Debtors agree to pay Mr. Bolger the sum of CAD $120,000 per month, prorated for partial months."

The motion added that Bolger led Celsius during times of extreme volatility in the market following the crash of Terra and the crypto market dropping below $1 trillion, striving to achieve balance and guiding the finances of the crypto lender.

The motion will be up for discussion during a Zoom meeting scheduled for August 8, while the last date for objections is August 5.

Before joining Celsius, Bolger was the CFO for Royal Bank of Canada and divisions of Bank of America, as per his LinkedIn profile. He served as the CFO of the crypto lending platform for five months and finally resigned on June 30, nearly three weeks since Celsius halted withdrawals on the platform on June 13.

The motion also revealed that in the five months he served Celsius, Bolger was paid a base salary of $750,000 per year, alongside a performance bonus of up to 75% of his base. Stock and token options were also available, bringing Bolger's total income to around $1.3 million.

After Bolger quit, the bankrupt firm made Chris Ferraro, who was the head of financial planning, analysis, and investor relations for Celsius at that time, CFO. The company filed for Chapter 11 bankruptcy within a few days of Ferraro taking charge of the finances.