OpenWeb's chairman Tim Harvey announced he is stepping in as CEO amidst controversy, as long-time CEO Nadav Shoval disputes his departure, claiming the board breached his contract.
Shoval expressed his dissatisfaction in an email, stating, 'the board has falsely stated that I am stepping out of my role as CEO . . . that is not true and not my intent.'
Harvey attempted to clarify the situation by telling employees to disregard Shoval's message, saying 'Apologies to everyone who received this email. We are progressing with the CEO transition process as planned.'
OpenWeb, valued at $1.5 billion, has raised around $400 million from investors, raising concerns about leadership stability amidst the ongoing CEO transition.
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