John Ray earned $690,000 as FTX’s new CEO over two months

The compensation of FTX’s new head John Ray from November 11 to December 31, 2022 amounted to $690,000. This follows from bankruptcy court documents related to the platform, according to Business Insider.

Based on an hourly rate of $1300, he spent about 75 hours on this work on average each business week.

His duties include participation in the FTX bankruptcy process in an effort to return funds for payments to clients and creditors.

Ray has decades of experience in corporate restructuring. His track record includes the Enron, Nortel and Overseas Shipholding cases.

Earlier the expert admitted that he had never seen such a complete collapse of corporate governance and the absolute lack of reliable financial information, as in the case of FTX.

In November 2022, FTX Group filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The former chief executive Sam Bankman-Fried was replaced by John Ray III.

In January, FTX Group advisers reestablished access to assets worth more than $5 billion.

According to court documents, about 117 potential buyers are interested in acquiring the group’s subsidiaries.

Earlier in January, John Ray said a possible restart of FTX.