Celsius founder and CEO Alex Mashinsky stepped down amid a flurry of lawsuits and pressure from the Committee of Unsecured Creditors following the company’s bankruptcy.
Alex Mashinsky announced his resignation on Tuesday. Earlier, the Committee of Unsecured Creditors (UCC) conducted its own investigation into the actions of the company’s management, as a result of which it demanded that Mashinsky be removed from the post of Celsius CEO.
“I believe we will all achieve more if the Celsius community stays united and helps UCC develop a better recovery plan. I will remain focused on the work that will provide the best result for all creditors,” said Mashinsky.
The UCC sees Mashinsky’s resignation as a “positive step” that will move the bankruptcy process forward. Temporarily duties of the CEO of Celsius are assigned to the chief financial officer of the company Chris Ferraro (Chris Ferraro).
The departure of the Celsius CEO came as a surprise to the crypto community. Just a couple of weeks ago, Mashinsky and Oren Blonstein, who holds the positions of head of innovation and head of compliance, announced their intention to “resurrect” the company as part of the Kelvin project.
Obviously, it was the UCC’s radical position and personal attitude towards Mashinsky that influenced his decision. The Committee of Unsecured Creditors said that “any Celsius restructuring plan involving Mashinsky would face significant challenges.”
Source: Bits
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