FTX to reorganize, new CEO seeks support from staff during company conference call

FTX’s new CEO, John Jay Ray III, called on staff to rally at last week’s all-hands meeting after filing for bankruptcy protection, people on the phone told The Block.
“We need your support,” Ray told staff, according to a source on the call. Former billionaire Sam Bankman-Fried has resigned from the company after a series of events last week led to the company’s bankruptcy and billions of dollars of holes in the company’s balance sheet. did. due to fraud.
While many of the exchange’s employees have left (including former head of institutional sales Zane Tucket and head of ventures Amy Wu), a large contingent of lower to senior level staff remains. there is
The company has some funds to pay salaries, but it is unclear whether it will be able to keep hiring contractors, according to people at the meeting. Submitted a form for the employee to fill out and describe their role in order to decide whether to fire the employee.
Wray warned that there could be problems, but payroll is expected to continue as normal.
FTX US General Counsel Ryne Miller will remain with FTX US as it moves into bankruptcy and lead external communications.
Miller joined FTX from partner Sullivan & Cromwell in August 2021, having served as general counsel to SEC Chairman Gary Gensler during the CFTC’s operations.
Miller declined to comment.
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