According to an August 5 court filing, Celsius has withdrawn its motion to rehire former CFO Rod Bolger as a consultant.
Reports had emerged that the firm wanted to hire Bolger for at least six weeks in an advisory capacity. One of the Celsius investors, Keith Suckno, opposed the motion.
Bolger's experience with its business could help it navigate the murky waters of the bankruptcy process, according to Celsius. Suckno disagrees, arguing that the embattled lender did not provide enough information on why the ex-CFO was needed when other employees could perform the same role.
A CNBC report stated that Bolger was still an employee of Celsius and was still on the firm's payroll. Bolger gave Celsius eight weeks notice of his voluntary termination on June 30, 2022, which means he remains an employee until August 30.
It is not clear if Bolger would have received double compensation at Celsius, as he was still earning a base salary of $62,500 as an employee while the firm s motion to rehire him wanted to pay $92,000 a month as a consultant.
Other customers, including Suckno, objected to the decision to rehire Bolger. The judge in charge of the case received over 100 letters from angry and weary customers. An attorney described the decision to rehire him as an example of the level of callous indifference to the customers of Celsius. The firm recently faced several other challenges, including a recent data breach and a class action lawsuit in the U.S.