I doubt the new management actually believes they can reboot the company. They're just trying to drag things out as long as possible to extract as much money as they can. The new CEO is getting paid $1300/hr.
This is a head scratcher for sure. Replace a bad CEO who over hired relative to productivity, with a guy who presided over an unprofitable consumer hardware business and had to layoff 10,000 people. You’d think between Amazon and the Bezos bucks they’d be able to find someone better.
To be fair, Jack finally stepped down in November and Parag replaced him as CEO. So there is new management that hasn’t really had time to shine or fail yet.
I acknowledge that CEO is not an easy job, but in light of all the departures and drama, I honestly wonder if @jack really is the right person for the job?
Seems that the problems with product, PR, and investor relations got worse when he came back. How much rope will the board give him before he hangs himself?
This is not bad news for once. A new CEO could really bring back some goodwill. He was going about it the wrong way and with a poor attitude (referring to the idiots incident), the malware company acquisition etc.
The replacement CEO was previously the chairman of the board. So while they did change personnel, I am skeptical about how different their actual management practices are.
https://fortune.com/2022/11/21/new-ftx-ceo-john-ray-hired-cl...
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