Instagram Co-Founders Leave Facebook after Six Years; Tensions over Product Direction
Instagram co-founders Kevin Systrom, 34, and Mike Krieger, 32, have resigned, amidst growing tensions over product direction with Facebook’s CEO, Mark Zuckerberg. They co-founded the photo-sharing mobile phone app company in 2010. Facebook acquired Instagram in 2012 for $1 billion.
eSignature Co. DocuSign Board Shuffles after IPO: the Founder, & Chairman and xCEO and Three VCs Step Down. Four Others Named
Just after three months after its IPO, five of twelve of DocuSign’s board members are stepping down. The board appointed three others to the board, in addition to one that was appointed in March of this year.
Intel announced that CEO Brian Krzanich, 58, has resigned. Robert Swan, 57, Intel’s CFO has been named as the interim CEO. Intel was recently informed that Krzanich had a past consensual relationship with an Intel employee. A subsequent investigation resulted in the resignation. Outside of the affair, Kraznich’s reputation suffered as a result of two 2017 events: (1) the scary security flaws in two chips, named Meltdown and Spectre, and (2) Krzanich’s stock sale of $24m, ahead of the security flaws being made public.
Ultimately, Intel’s first quarter results in 2018 were very strong, seemingly unaffected by the chips’ security flaws.
Giant technology companies have had plenty of action with their boards the first half of 2018. This is the second of a two part series of updates.
Giant technology companies have had plenty of action with their leadership teams in the first half of 2018. This is the first of a two part series:
Trends for Boards & Exec
Mammoth Company Changes
The Big Re-Organizations
We welcome any feedback and insights you may have.
All the best,
Athenahealth's CEO Jon Bush Steps Down Under Growing Pressure
Cloud-based software platform for medical providers, Athenahealth is in turmoil. CEO and co-founder Jonathan J. Bush, Jr., 49, stepped down as President, CEO and Board Member. He had been replaced as Chairman last year by Jeff Immelt.
Xerox ended a planned $6.1 billion deal with Fujifilm, in which Fuji would take control of Xerox, and reached a new agreement with activist investors Carl Icahn and Darwin Deason, who have a combined 15% stake at the company and have been opposing the Fujifilm deal. They launched a campaign to stop the merger and oust top managers, including CEO Jeff Jacobson, 58. Jacobson was a particular target as Icahn accused him of rushing into the Fujifilm deal and acting against board instructions, something that he board denied in April. Jacobson was named CEO January 2017. He had been President and prior to that COO of the Xerox Technology business, and president of Global Graphic Communications Operations joining in 2012. Prior to joining Xerox, he served as Chairman & CEO of Presstek.
Facebook has re-organized its ranks in the wake of user privacy issues that has been creating waves across all quarters. The social network’s misuse in the spread of Russian propaganda and disinformation and the more recent Cambridge Analytica scandal have made data privacy and security issues the foremost priority for the social media giant.
Jan Koum, 41, CEO of WhatsApp stepped down from the board over significant disagreements over privacy issues. The company hired heavyweight and Senior Obama Advisor, Jeff Zients, 51. Earlier this year, the company also hired its first non-white director, former American Express CEO, Ken Chenault, 66. More details on the board shuffles are outlined below.
NCR Names Frank Martire as Executive Chairman and Michael Hayford as CEO
NCR Corporation has named Frank Martire, 69, as Executive Chairman. Martire most recently served as non-executive chairman of FIS till last year. He served as CEO of FIS after acquisition of Metavante, where he served as CEO before the acquisition.
Twitter’s Chief Information Security Officer to Leave after Three Years In Role
Twitter’s CISO Michael Coates steps down from his role to launch his own security startup. Coates joined the company in January 2015. He had joined from Shape Security, where he was the Director of Product Security. Earlier in his career, he held roles at Mozilla, Aspect Security and Motorola.
Vell Executive Search captures the most recent board appointments in tech, from October 29, 2017 to February 8, 2018.
Alphabet Names Board Veteran as Chairman to Succeed Schmidt. Alphabet appointed John L. Hennessy, 65, former President of Stanford University, to serve as Executive Chair of Alphabet’s Board. Hennessy has served on the Board since April 2004 and Lead Independent Director since April 2007. Eric Schmidt, 62, becomes technical advisor to the company while continuing to serve on its board. Alphabet said that Canadian-born Shirley M. Tilghman, 71, 19th President of Princeton University, also retired from the board effective Feb. 15, 2018.
Vell Executive Search captures the most recent female board appointments in tech, from November 23, 2017 to January 28, 2018.
Microsoft Elects Former US Secretary of Commerce as Newest Board Member. Entrepreneur, civic leader and philanthropist and former United States Secretary of Commerce Penny S. Pritzker, JD, 58, joins as director of Microsoft.
Broadcom Appoints Former Benchmark Electronics CEO as Independent Director. Broadcom appointed Ms. Gayla J. Delly, 57, as an independent director of the company. Ms. Delly served as CEO of Benchmark Electronics.
Much activity happened in the past three months or so in the Giant Tech Companies. We have categorized these in roughly three categories:
CVS Health CIO Stephen Gold Steps Down
CVS Health's CIO and EVP of Technology & Operations Innovation, Stephen J. Gold, 58, resigned to "pursue professional opportunities outside of CVS Health". The resignation was not related to CVS’ recent $69 billion acquisition of Aetna. Gold joined CVS in 2012 as SVP & CIO.
Gold was previously SVP and CIO for Avaya, guiding all aspects of the company’s technology strategy, as well as leading IT business operations and systems globally.
Prior to joining Avaya, Gold was the EVP, CIO and Corporate CTO for GSI Commerce.