Neel Somani, founder of Eclipse, faced sexual misconduct allegations and stepped down as CEO. This sudden change occurred with the immediate appointment of Vijay Chetty as CEO. Eclipse Labs announced on May 16 that Vijay Chetty would take over as CEO following Somani’s departure. However, no details were shared about the reasons for Somani’s departure.
Vijay Chetty’s Experience in the Cryptocurrency World
Vijay Chetty was appointed as CEO with confidence in his past experiences and contributions to Eclipse Labs. Chetty has investment experience at BlackRock and has held leadership positions at prominent companies like Uniswap Labs, dYdX Trading, and Ripple Labs.
On May 9, Neel Somani announced that he was facing serious sexual misconduct allegations. However, he denied these allegations, describing himself as a “public face” and stated he would step down from his position. Somani denied the accusations, stating he had never sexually assaulted or harassed any woman. He also mentioned that he would strive to defend himself and clear his name.
During this process, Eclipse emphasized that it took the allegations against Somani seriously and highlighted the importance of the truth. The firm had completed a $50 million Series A round led by Hack VC and Placeholder in March.
Hack VC’s Statements Shock the Investment World
Hack VC’s statement on May 16 had a shocking impact on the investment world. The company expressed deep concern over the allegations against its founder, Neel Somani. These statements show how seriously the industry takes issues of sexual harassment and misconduct.
The statement did not provide clear details about the severity and nature of the allegations against Somani. However, the company’s stance that such behavior would not be tolerated and would have consequences is seen as an important step.
Hack VC indicated that it was considering the serious step of calling for Somani’s resignation and was working to resolve the situation. This shows the company’s firm stance against such issues. As transparency and adherence to ethical values become increasingly important in the investment world, such steps can help increase trust in the sector.
Additionally, the statement emphasized that Hack VC imposes high standards not only on its employees but also on the companies in its portfolio. This shows that the company places great importance not only on its internal operations but also on the overall functioning of the companies it invests in.
