Malle Gavet, CEO of Techstars, announced on LinkedIn that she is leaving the company at the end of the month for health reasons. Starting today, David Cohen, co-founder and chairman of the board of Techstars, will become CEO.
Gavet became CEO in 2021 and wrote on LinkedIn that she “wouldn’t trade the last 3.5 years of hard work for anything.” She then paid tribute to her team, board of directors, employees, investors and founders she worked with during her tenure.
“I will support you all from behind the scenes and remain a supporter of Techstars.”
Techstars declined to comment further on Gavet’s departure, but highlighted his statement posted on its website.
Gavet had a difficult tenure at Techstars.
During his tenure as CEO, Gavet’s leadership style was the subject of controversy, with employees and general managers accusing him of fostering a tense work environment that led to a significant exodus of the workforce. ‘artwork. Techstars also struggled to balance its growth ambition with its need for profit, and it had strained relationships with corporate partners like JP Morgan Chase, leading to a steep loss of business, according to one source.
Under Gavet, Techstars accelerator programs in Austin, Toronto, Seattle, Sweden, Boulder and Norway were closed. After relations between Techstars and JP Morgan deteriorated, the eight programs funded by the $80 million partnership, including Miami, Atlanta and Oakland, are now unlikely to continue.
In a separate statement posted to the website, Cohen thanked Maelle for her time with the company. “She built a great team, made many difficult decisions and courageously implemented complex changes that were sorely needed,” the statement said. “Now Maëlle must focus on her health. I know I speak for everyone at Techstars when I say we wish her strength and courage as she faces the future.
Cohen said he was “thrilled” to be back as CEO of Techstars, a position he held on and off for thirteen years. “I will continue to focus on making Techstars better for founders,” he wrote.
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