Celsius Appoints Chris Ferraro to the Role of Chief Restructuring Officer & Interim Chief Executive Officer as Alex Mashinsky Steps Down

HOBOKEN, N.J.--(BUSINESS WIRE)--Celsius Network Limited (“Celsius'' or “the Company”) 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.

“The Special Committee is grateful to Alex for his dedication to the company and his efforts to assist with the company’s restructuring,” said Barse and Carr. “We look forward to the company's continued engagement with the Unsecured Creditors’ Committee and other key stakeholders in our case, under Chris’ leadership, to consummate a comprehensive and expeditious restructuring that maximizes value for all stakeholders.”

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.

Notes to the editor:

• Celsius and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on July 13, 2022
• The Special Committee of the Board is vested with the authority to negotiate and approve any restructuring transaction, among other things, as described in the Declaration of Alex Mashinsky, Chief Executive Officer of Celsius Network LLC, in Support of Chapter 11 Petitions and First Day Motions [Docket No. 23], available at: https://cases.stretto.com/Celsius/court-docket/

About Celsius

Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network.