Chris Kirchner: This CEO, who bought $500,000 Ferrari Superfast, flew around the world in a private jet while his employees were unpaid, suspended
Employees of Slync.io, a tech start-up that sells software to logistics companies, were told in a virtual meeting Monday about Chris Kirchner’s suspension.
Kirchner, who sold
until a few years ago, before launching his logistics software company, never shied away from showing off his wealthy lifestyle — of course, after acquiring it, that is. The only problem is that he did that while the employees of his start-up weren’t getting their salaries – at the same time, executives who were wondering about the company’s financial situation or the delay salaries – were made redundant.
“We don’t comment on people who are still with us whether they’re suspended or not. That’s all we can say at this point,” said Burt White, vice president of sales, marketing and Slync customer success.
Forbes. “Slync has a great future. With Chris it is what it is, but I can’t speak to current employees,” White added.
Over the past 18 months, the CEO had bought a private jet worth $15 million, bought luxury cars, tried to buy an English football team, joined an exclusive Texas country club and more as his business continued to run out of cash and struggled to raise funds or even attract new customers, according to a report in
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Kirchner’s lavish lifestyle did not go unnoticed by Slync employees, who concluded that the CEO was more interested in living a high life of comfort and wealth than helping to build a successful company.
“I do not know that [Slync] was a business as much as a kleptocracy,” said a former employee who did not wish to be named, quoted by Forbes. “Chris Kirchner was ultimately using the sport to buy access to things he wouldn’t have had as a regular guy.”
With employees still facing late payments and workplace uncertainty, the company’s CEO bought a black Ferrari Superfast 812, which sells for $300,000 to $500,000.
When the company announced in February 2021 that Goldman Sachs was conducting a $60 million Series B funding round, which then valued the company at $240 million, Slync’s management changed, as did Kirchner’s own image. .
As the company signed a multi-million dollar sponsorship deal with the NHL Dallas Stars ice hockey team, Kirchner made headlines for the purchase of a Gulfstream G550 private jet. He was also spotted driving in luxury cars, including his Ferrari, which had since been painted red.
Despite the tech start-up’s dried up finances and limited client list, Kirchner had joined the Vaquero, an exclusive country club in Dallas where an annual golf membership costs more than $150,000.
The CEO even hosted a group of employees at the Vaquero in the summer of 2021. At the party, Kirchner flaunted his wealth by bragging about playing golf with Saudi princes, flying to exotic locations on his private jet, according to the report.
“The lifestyle he led just didn’t seem real,”
Forbes quoted another former employee as saying.
Following Kircher’s suspension as CEO, Goldman Sachs spokeswoman Mary Athridge said
Forbes that investors will provide more capital to the company to solve the payroll problem this week. The report revealed that the unpaid payroll was around $4 million, according to the report which quotes a person with knowledge of the matter.