Tech unicorn OpenWeb’s CEO Nadav Shoval refuses to step down as board appoints new chief

OpenWeb Founder and Chief Executive Officer (CEO) Nadav Shoval has refused to step down after the company board of directors appointed Tim Harvey as the new interim CEO, according to a LinkedIn post.

“I have not stepped down as OpenWeb’s CEO,” said Nadav Shoval in his LinkedIn post.

Earlier this week, Fortune reported that the board of directors have appointed content moderation platform's chairman, Tim Harvey, as the new interim CEO.

Shoval also claimed that the board breached his employment contract by announcing a leadership change instead of addressing conduct concerns.

“I recently notified the Company that they breached my contract, which was intended to directly call out concerning conduct by the Board of Directors. Instead of addressing the issues, the Board chose to announce a leadership transition at a sudden Company-wide meeting, continuing to act against OpenWeb’s best interests,” he said in the LinkedIn post.

Shoval's post also highlighted his stance of not accepting the board's corporate action.

“I do not accept these actions. I will continue to fight for OpenWeb’s mission and purpose alongside our team,” said Nadav Shoval in his post.

Shoval's email exchange

Nadav Shoval went on an email spree to the company employees about the board's false claim that he was stepping down as the CEO.

“The board has falsely stated that I am stepping out of my role as CEO,” said Shoval in the email to OpenWeb’s staff, according to multiple outlets quoted in the report.

“Let me be clear: that is not true and not my intent,” he said.

The exchange went ahead when Tim Harvey, the current interim CEO responded to Shoval's mail that the CEO transition process will go as planned.

“We are progressing with the CEO transition process as planned,” said Harvey in his email to the staff, according to the news portal quoting local Israeli outlet CTech in its report.

“As we move forward, we are committed to handling this situation with the utmost respect for all individuals involved and acknowledging their contributions to OpenWeb… Our priority remains the continued success, stability and providing value to our partners,” he said, quoted in the report.

OpenWeb “welcomes Tim Harvey as interim CEO in place of Nadav Shoval” while thanking Shoval “for his passion and contribution as founder and CEO of OpenWeb,” according to a company statement quoted in the report.

The $1.5 billion company, as of 2022, OpenWeb did not respond to the news portal's queries.