- The founder and ex-CEO of Openweb, who was ousted from the company, is back as an advisor.
- It put an end to a dispute between the board of directors of Openweb and Shoval, which led to its leaving the company.
- Shoval, who continued Openweb and some of its members of the Board of Directors, said that they had resolved their differences.
Nadav Shoval, the founder who was ousted as CEO of Openweb by his board of directors in a disorderly public battle, is back with the company Adtech in a role of adviser, learned Business Insider.
In an email to employees sent on Friday morning and obtained by Bi, the acting CEO of Openweb, Tim Harvey, announced that the company and Shoval had “reached a mutually agreed resolution” in which Shoval would remain connected to the ‘ company as main advisor to its managing director.
Later Friday, the company published an article on its website confirming this decision. OpenWeb did not respond to requests for comments.
“We have resolved our differences,” Shoval at BI told Bi. “The company remains attached to its mission as an openweb, and I am delighted to continue to support the mission in my role as main advisor to the CEO.”
The rules caps months of drama in Openweb, which began in mid-2010 after Shoval and certain members of the board of directors did not agree on a potential investment in the company of Blackrock, previously said Shoval In an interview in December.
The relationship between Shoval and the Board of Directors continued last year after the board of directors changed its report line – a move that Shoval declared in violation of its contract because, in its opinion, This has decreased its role and bothered its management capacities.
Shoval wrote to the board of directors in September, asking him to reverse the change. Later this month, the board of directors dismissed him instead.
He postponed the public question, displaying LinkedIn in September that he had not resigned as CEO, writing: “I do not accept these actions. I will continue to fight for the mission and the goal of openweb alongside of our team. “
Shoval also followed the legal path, pursuing Openweb and many of its members of the board of directors in a court in Tel Aviv, Israel, in October, alleging that he had been the victim of a coup. The complaint demanded that it be reinstated as CEO and had the possibility of appointing two new members of the board of directors.
In response to the prosecution of Shoval, Openweb declared in court documents that the case was a classic situation in which the board of directors had lost confidence in its CEO. Openweb said Shoval was trying to extract money from him and that he had chosen to give up business control when he called on investors.
The case has now been settled, Shoval confirmed.
OpenWeb, which has around 350 employees, provides technology that helps publishers increase income and commitment to their websites, such as comment moderation and advertising tools. Customers and partners include publishers such as CNN, Fox and Hearst, as well as WPP, Dentsu and Publicis Group advertising companies, according to its website.
Founded in 2012, Openweb has raised more than $ 392 million and was last time at $ 1.5 billion. Its investors include venture capital companies Insight Partners, Georgian Partners and Index Ventures, companies like the New York Times and Dentu, and the famous Professor Stern and Podcaster Scott Galloway, who sits on the company’s board of directors.
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