Co-founder Christine Tsai will become the CEO of early stage venture capital firm 500 Startups taking over Dave McClure over inappropriate behavior.
In a post, Tsai explained that the decision has depended on Dave McClure (CEO)’s inappropriate interactions with women in the tech community.
His behavior was unacceptable and not reflective of 500’s culture and values. I sincerely apologize for the choices he made and the pain and stress they’ve caused people. But apologies aren’t enough without meaningful actions and change.
Because of this, we made the decision a few months ago to change the leadership structure at 500. I took on the role of CEO, which involves directing the Management Team and overall day-to-day operations of 500.
The role of McClure, who has made his apology via a personal post, has been limited to fulfilling obligations to investors as a General Partner. In addition, he’s been attending counseling to work on changing his perspectives and preventing his previous unacceptable behavior.