Celsius Withdraws its Motion to Bring Back Former CFO Rod Bolger

A court filing submitted on Friday in the Southern District of New York stated that troubled lending platform Celsius has dropped its plea to reinstate former CFO Rod Bolger at a salary of $92,000 per month, prorated over a minimum of six weeks. The withdrawal notice was issued just before a hearing to evaluate it for Monday.

Rod Bolger Hired as Full-Time CFO

The original motion reveals that while Bolger was employed by the firm full-time as CFO, he earned a base salary of $750,000, a performance-based cash incentive of up to 75% of his base, along with stock and token options, bringing the maximum of his total income range to over $1.3 million. According to the document, Bolger is technically still on the company’s payroll. The petition said that Mr Bolger gave notice to the Debtors on June 30, 2022, and he was voluntarily terminating his job. Mr Bolger is obligated to give the Debtors eight weeks’ notice, which he has done, and he is continuing to work for the Debtors in compliance with his Termination Notice and the provisions of his Employment Agreement. It is unknown if Bolger would have earned the additional $92,000 monthly consultancy fee Celsius had requested in addition to his possible income of $62,500 (his monthly base salary) had the motion been approved. Although it was indicated in the petition that Bolger was still working for Celsius, it also said that he was not eligible for any severance payout.

Celsius’ Initial Petition

In its initial petition, Celsius claimed that because of his knowledge of the Debtors’ industry, Rod Bolger was necessary for it to navigate the bankruptcy procedures as an advisor. It continued by stating that Bolger spearheaded initiatives to keep the company afloat during this year’s challenging market turbulence, overseeing the financial parts of the organisation and serving as its CEO. Before leaving Celsius on June 30, approximately three weeks after the platform halted all withdrawals, Bolger, a former CFO for the Royal Bank of Canada and subsidiaries of Bank of America, had been there for five months.

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