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Sunday, July 21, 2024

CEO Got Fired After He Spent Rs 53 Lakh Of Company's Money To Entertain Clients At Strip Clubs

People do crazy, stupid things. However, this CEO of a silicon valley startup took this to a whole new level.

LinkedIN: Eric Gilmore/ Reuters

Eric Gilmore, CEO of Silicon Valley startup Turvo was fired after the chief financial officer found that he was using the company’s credit card at strip clubs, spending over $75,000 or approximately Rs 53,24,000. 

Reported first by Bloomberg, Eric Gilmore who was also the co-founder of the company, used to take clients to strip clubs to entertain them and eventually get them onboard. Surprisingly, he didn’t even dispute or tried to give clarification on his actions.

Eric Gilmore was fired in May upon the discovery of this discrepancy and was asked to sign a separation agreement to which he disagreed and stated that this process violates company bylaws. 

As per Eric, this confrontation wasn’t presented as a formal meeting against the board while also not adhering to other norms. He sued the board, the case which reached its settlement in September.

A company spokesperson stated, “Turvo has no further comment. The matter has been resolved and the company has moved on.”

While the details of the settlement weren’t made public, Eric still remains on the board of the company with the largest stake (as mentioned by a company insider in the report).

Scott Lang replaced Eric Gilmore as the next CEO of Turvo in November. He’s previously lead Silver Spring Networks — a subsidiary of US company Itron that is known to supply products and services for water and energy resources management. 

In case you didn’t know, Turvo offers software services for logistics companies to keep a track of their shipment and transportation effectively and efficiently.

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