New FTX CEO charging $1300 per hour

[krishnaverma]

Reference  Link
https://www.coindesk.com/business/2022/11/21/new-ftx-ceo-paid-1300-an-hour-court-filings-show/

John Ray, the new CEO of FTX is charging $1300 per hour for his services. He has lot to do though and would be interesting to see how can he reduce the damage done and safeguard the interests of people. There are people charging as much as $50000 per month plus expenses to guide through the insolvency process. Do you think such high fees is justified ? Will the affected people get some justice because of this or it is just waste of time and money as damage is already done.

[Zlantann]

Reference  Link
https://www.coindesk.com/business/2022/11/21/new-ftx-ceo-paid-1300-an-hour-court-filings-show/

John Ray, the new CEO of FTX is charging $1300 per hour for his services. He has lot to do though and would be interesting to see how can he reduce the damage done and safeguard the interests of people. There are people charging as much as $50000 per month plus expenses to guide through the insolvency process. Do you think such high fees is justified ? Will the affected people get some justice because of this or it is just waste of time and money as damage is already done.

It is glaring that these new set of FTX Executives are on a rescue mission. I am sure the current controllers of FTX are sure that these sets of persons have the capacity to manage the mess created by led executives Sam Bankman-Fried and they have promised to tidy up the mess. John Ray, Kathryn Schultea, Mary Cilia and Raj Perubhatla are charging very high because they have the capacity to manage FTX until it comes back to life. This task is not an easy one therefore, they need to be well payed so that they can be motivated to do their jobs.   

[bitmover]

Reference  Link
https://www.coindesk.com/business/2022/11/21/new-ftx-ceo-paid-1300-an-hour-court-filings-show/

John Ray, the new CEO of FTX is charging $1300 per hour for his services. He has lot to do though and would be interesting to see how can he reduce the damage done and safeguard the interests of people. There are people charging as much as $50000 per month plus expenses to guide through the insolvency process. Do you think such high fees is justified ? Will the affected people get some justice because of this or it is just waste of time and money as damage is already done.

The salary of a CEO in big companies is incredible high, and I believe it is justified 
Those companies have a revenue of billions per year, and a CEO decision will affect billions of usd

https://www.bloomberg.com/graphics/2022-highest-paid-ceos/?leadSource=uverify%20wall

Coinbase CEO for example receives about 280 million per year.

[stompix]

Do you think such high fees is justified ? Will the affected people get some justice because of this or it is just waste of time and money as damage is already done.

He is an insolvency professional, and speaking of professional he's the guy that managed to get back billions in Enron's bankruptcy, one of the largest in the US and the whole world, he's in charge of finding billions and he's getting paid around 2.5 million while only SBF's penthouse was priced at 40 million.
It might sound much but it's way below what some CEOs of companies that have no trouble and are running smoothly are getting, some even 10x times for 1/10 of the job.

And speaking of damage being done and getting over if that would have been the same with MtGox a lot of them would have simply lost their coins while with the trustee appointed, despite him changing $200k a month they are still looking at a profit in $ terms.

[arallmuus]

Reference  Link
https://www.coindesk.com/business/2022/11/21/new-ftx-ceo-paid-1300-an-hour-court-filings-show/

-snip

Do you think such high fees is justified ?

He can charge whatever he wants but at this rate, FTX is as good as dead. The only chance for FTX to make it back is to solve all those insolvency issue then relaunch the whole thing with a brand new name. I'd love to see him try though, but I doubt that anyone would be able to solve anything at this point. I cant remember exactly but was there any exchanges that make it back after they were 'hacked / having insolvency' issue? ( both are pretty similar, they have no funds left ) I guess there was none

[Fatunad]

Reference  Link
https://www.coindesk.com/business/2022/11/21/new-ftx-ceo-paid-1300-an-hour-court-filings-show/

-snip

Do you think such high fees is justified ?

He can charge whatever he wants but at this rate, FTX is as good as dead. The only chance for FTX to make it back is to solve all those insolvency issue then relaunch the whole thing with a brand new name. I'd love to see him try though, but I doubt that anyone would be able to solve anything at this point. I cant remember exactly but was there any exchanges that make it back after they were 'hacked / having insolvency' issue? ( both are pretty similar, they have no funds left ) I guess there was none

This would be the first if ever they would really be able to solve out but basing up on my experience and awareness for several years here on crypto space then i didnt see anything related to this.
I do agree on the word that this is really good as dead, theres no way that they could revive it our or make it just like there's nothing happened.No matter how many times they would
really be doing a rebranding but still the trust that had been broken out cant really be turned back.Once the community or public does have that kind of impressions which is negative
or had already lost their trust then theres no way on getting it back even if they had able to fixed it out.

[JeromeTash]

Reference  Link
https://www.coindesk.com/business/2022/11/21/new-ftx-ceo-paid-1300-an-hour-court-filings-show/

John Ray, the new CEO of FTX is charging $1300 per hour for his services. He has lot to do though and would be interesting to see how can he reduce the damage done and safeguard the interests of people. There are people charging as much as $50000 per month plus expenses to guide through the insolvency process. Do you think such high fees is justified ? Will the affected people get some justice because of this or it is just waste of time and money as damage is already done.

If it was a waste of money, then they wouldn't be paying him that much. There's a reason he was appointed at this point in time, perhaps he has a past good reputation in managing such crisis.

FTX already fucked up anyway.

[Hydrogen]

Do you think such high fees is justified ?

I would say that the majority of CEO's are overpaid.

We can look at former twitter CEO Parag Agrawal as evidence of this. Parag was CEO of twitter for more than 12 months and was unable to implement anything more cutting edge than an edit button which is trivial technology and code. CEOs of other big tech corporations also have not done much to innovate or progress their industry. The efforts of some like Mark Zuckenberg (multiverse) also stand out. There is a question of whether CEOs are deliver value equal to what they're paid, which could be in dispute atm.

When Bill Gates was acting CEO of microsoft he admitted that the only thing he did was read and answer emails all day. The job doesn't require specialized knowledge or skillset in most cases. And I would guess if most knew what their job entailed they wouldn't think that it was deserving of $10,000 an hour salary along with the considerable incentives and golden parachute arrangements they enjoy in their contracts.

[krishnaverma]

Do you think such high fees is justified ?

I would say that the majority of CEO's are overpaid.

We can look at former twitter CEO Parag Agrawal as evidence of this. Parag was CEO of twitter for more than 12 months and was unable to implement anything more cutting edge than an edit button which is trivial technology and code. CEOs of other big tech corporations also have not done much to innovate or progress their industry. The efforts of some like Mark Zuckenberg (multiverse) also stand out. There is a question of whether CEOs are deliver value equal to what they're paid, which could be in dispute atm.

When Bill Gates was acting CEO of microsoft he admitted that the only thing he did was read and answer emails all day. The job doesn't require specialized knowledge or skillset in most cases. And I would guess if most knew what their job entailed they wouldn't think that it was deserving of $10,000 an hour salary along with the considerable incentives and golden parachute arrangements they enjoy in their contracts.

Parag Agarwal proved himself in lower positions and was then promoted. He was not just picked from another company and offered the CEO position at Twitter.