Hoboken crypto lender Celsius Network’s CEO steps down; CFO appointed as interim

After filing for bankruptcy protection in July, Celsius Network on Tuesday said its co-founder and CEO, Alex Mashinsky, resigned effective immediately.

The Hoboken-based cryptocurrency lender appointed Chris Ferraro to the role of chief restructuring officer and interim CEO in an official announcement released by David Barse and Alan Carr, Special Committee members of Celsius’ board of directors.

Barse and Carr also said that, since the start of the Chapter 11 proceedings, they have found the seasoned finance executive to be a valued executive in very challenging circumstances.

Ferraro was previously appointed chief financial officer of Celsius. Before Celsius, he spent nearly 18 years at JPMorgan Chase & Co., serving in various roles, including global head of financial planning & analysis and treasurer of the Retail Bank. Ferraro’s leadership and expertise spans all areas of corporate finance as well as asset and liability management.

“The Special Committee is grateful to Alex for his dedication to the company and his efforts to assist with the company’s restructuring,” Barse and Carr said in their statement. “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.”