Some Bolt Investors Balk at Founder’s Costly Attempt to Return as CEO

Ryan Breslow’s proposed return as CEO of Bolt, a commerce software firm that became one of the biggest symbols of investor overexuberance during the pandemic-fueled tech boom, would carry a high cost for existing investors.

The deal proposed by Breslow and the company’s current CEO also would reward Breslow with lots of cash for himself and other ventures he started or got involved with after leaving Bolt two years ago. For instance, Breslow would receive a $2 million bonus for returning as CEO, plus an additional $1 million representing two years of back pay, according to Brad Paul Pamnani, a partner at an Abu Dhabi private equity group that is involved in the deal.

An investor who received the deal proposal said they felt the terms were deplorable. Two investors in Bolt told The Information they planned to vote against the proposal, which requires approval by a majority of shares, Pamnani said. It isn’t clear which investors hold the biggest stakes, but Pamnani said no single party holds a controlling stake in the company.