Celsius Network Limited today announced that it has appointed Chris Ferraro to the role of Chief Restructuring Officer & Interim Chief Executive Officer and that Co-founder & Chief Executive Officer Alex Mashinsky has resigned as Chief Executive Officer effective immediately. The announcement was made by David Barse and Alan Carr, Special Committee members of the Board of Directors of Celsius.

Barse and Carr have found that since the start of the chapter 11 proceedings, seasoned finance executive Chris Ferraro has been a valued executive in very challenging circumstances.

Ferraro was previously appointed Chief Financial Officer of Celsius. Before Celsius, Ferraro spent nearly 18 years at JPMorgan Chase & Co, serving in various roles including Global Head of FP&A and Treasurer of the Retail Bank. Ferraro’s leadership and expertise spans all areas of corporate finance as well as asset and liability management.

Celsius and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on July 13, 2022.

Let’s note that the Texas State Securities Board has filed a notice of hearing against Alexander Mashinsky, CEO of Celsius Network.

The hearing is being held via videoconference for the purpose of determining whether to issue a proposal for decision for the entry of a CEASE AND DESIST ORDER, an order ASSESSING AN ADMINISTRATIVE FINE, and an order for PAYING REFUNDS against Alexander Mashinsky.