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When the CEO Leaves

When the CEO Leaves
July 21, 2022

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It’s not just rank-and-file employees who are at risk of losing their jobs. They're also not the only ones considering their mental health alongside pay and benefits. Recently, a slew of Allbird-wearing CEOs have handed in their resignations. Here we look at some of those departures.



Burnout

Kickstarter’s CEO announced his departure with some relatable reasoning: “I just want to go sit at the beach and do nothing.” A 2020 study on the health effects of the Great Recession on CEOs used facial recognition software to uncover the aging effects of life as the boss. The results showed what we all saw in real-time with President Obama’s graying hairline: stress takes a toll.

Flame Out
Pinterest CEO and co-founder Ben Silberman will unpin himself from the role after the company’s stock dropped from $80 to $20 per share over one year. He cited “founder’s love” as the reason to step aside and hand the reigns to Google exec Bill Ready. Silberman had been criticized for discrimination and retaliation.

Dan Wright of DataRobot resigned fewer than 18 months after starting the job. Workers took issue with upper management’s lavish spending and stock sales. The company recently laid off 7% of its employees.

End of the #Girlboss
Female CEOs have had the additional pressure of being part of a select few. Only 2% of venture capital goes to female founders, with just .2% to women of color.  When a female founder and CEO steps down, it tends to draw attention to the fact that there is no hashtag for boy bosses. Millennial beauty brand founder Emily Weiss stepped down as CEO of Glossier, an end to the era of #girlboss positivity. Pressure to break endless glass ceilings has proven to obscure the challenges still facing founders who happen to be female.


Even Chess champions aren't immune to the pressure to perform and are opting out.
Our data for sale
DHS buys a whole swath of location data.
[Wired]
Borrower beware
Workers who borrowed on their stock options may be in trouble.
[NY Times]

 
Since last week, PrivCo has added:
1,404 Companies | 192 Funding Activities | 156 M&A Deals

Funding & Deal Highlights:
 

Mahalo raises $20MM from Superior Credit Union

Finance • Equity • Troy, MI
 

Intelligent City raises C$22MM from BDC Capital

Construction • Round A • Vancouver, BC
 

Centivo raises $30MM from Morgan Health

Employee Benefits • Equity • New York, NY
 

BigHat Biosciences raises $75MM from Section 32

Biotechnology • Round B • San Carlos, CA
 

Alleaves raises $40MM from The Eleven Fund

Cannabis • Round A • Deerfield Beach, FL
 

Tae Technologies raises $250MM from Chevron

Power • Round G-2 • Foothill Ranch, CA
 

Medical Microinstruments raises $75MM from Deerfield

Robotics • Round B • Pisa, Italy
 

Kizik raises $20MM from The New Castle Network

E-Commerce • Round B • Lindon, UT
 

FlexGen Power Systems raises $100MM from Vitol

Energy • Round C • Durham, NC
 

CAMP4 raises $100MM from Enavate

Therapeutics • Round B • Cambridge, MA
 

Magna Legal Services acquires On-Time Court

Legal Tech • Acquisition • Mineola, NY
 

Ardurra Group acquires 300 Engineering

Engineering • Acquisition • Miami, FL

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