Technology
Drama at OpenWeb as new CEO announced – and founder and CEO says he’s staying
Open networkThe New York startup, whose tools help publishers engage users, has a novel problem. Its co-founder CEO reportedly won’t be leaving, despite announcing a new CEO.
According to CTechOn Tuesday, OpenWeb Chairman Tim Harvey sent an email to employees saying he was stepping down as CEO and thanking longtime CEO Nadav Shoval for his “incredible passion.” Shortly afterward, Shoval shared his own message to employees, claiming that “the board falsely stated that I was stepping down as CEO… that is not true and is not my intention.” Shoval also accused the board of breaching his contract.
We reached out to Shoval. In the meantime, Harvey reportedly sent an email to OpenWeb employees suggesting they ignore Shoval’s note. “We apologize to anyone who received this email. We are moving forward with our CEO transition as planned.” Shoval has also disappeared from OpenWeb.”Who we’re” page. (Awkward.)
OpenWeb shares were raised from investors in the quantity of roughly $400 million; the corporate’s last valuation was $1.5 billion in 2022.