Celsius has withdrawn its movement to rehire former CFO Rod Bolger as a consultant, in response to an August 5 court filing.
Reports had emerged that the agency wished to rehire Bolger for at the least six weeks in an advisory capability. However, the movement was opposed by Keith Suckno, one in all Celsius’ buyers.
According to Celsius, Bolger’s expertise with its enterprise may assist it navigate the murky waters of the chapter course of. Suckno disagrees, arguing that the embattled lender didn’t present sufficient data on why the ex-CFO was wanted when different staff may carry out the identical function.
A CNBC report stated that Bolger was nonetheless technically an worker of Celsius and was nonetheless on the agency’s payroll. Bolger gave Celsius eight weeks’ discover of voluntary termination of employment on June 30, 2022, which suggests he stays an worker till August 30.
It is unclear if Bolger would have acquired double compensation at Celsius as he was nonetheless incomes a month-to-month base wage of $62,500 as an worker, whereas the agency’s movement to rehire him wished to pay him $92,000 month-to-month as a consultant.
Aside from Suckno, different clients additionally objected to the choice to rehire Bolger. The decide answerable for the case received over 100 letters from indignant and weary clients. An legal professional described the choice to rehire him as an instance of the “level of callous indifference to the customers of Celsius.”