- Eclipse Labs replaced Neel Somani with Vijay Chetty as the firm’s new CEO
- Investors, led by Hack VC, could have played a role in the change in management
As an experienced analyst, I believe that the recent management reshuffle at Eclipse Labs was heavily influenced by the investors, particularly Hack VC. The allegations of sexual harassment against Neel Somani were serious and damaging to the company’s reputation, which could have negatively impacted its fundraising efforts and public image.
Eclipse Labs has announced a leadership change: Neel Soman, its founding CEO, has been replaced by Vijay Chetty in the wake of sexual harassment accusations against Soman. Last week, Soman, who is also the founder of an Ethereum [ETH] L2 scaling solution, denied the allegations and pledged to continue serving as CEO, but with a reduced public role within the company.
On Wednesday, Eclipse made an announcement: Chetty, currently holding the position of Chief Growth Officer, was appointed as the new CEO within the company. According to the statement released by Eclipse.
As an analyst at Eclipse Labs, I’m pleased to announce that starting today, Vijay Chetty will assume the role of CEO, succeeding Neel Somani who has decided to leave the company.
Possible investors’ influence on Eclipse Labs’ reshuffle
As an analyst, I’ve observed that recent developments at Eclipse appear to be driven by its investors’ influence. Specifically, Hack VC, one of the investors, openly admitted to having urged Somani to step down following the surfacing of certain allegations.
As a concerned analyst, I have been closely following the developments regarding the allegations. In collaboration with fellow investors and the team, I have put in significant effort towards addressing this issue. One of the actions we took was advocating for Neel’s resignation. I am delighted to report that this request has been granted.
In the beginning, Hack VC and Placeholder were two of the earliest backers for Eclipse Labs, investing a significant sum of $50 million in March 2024. Further investors subsequently came on board during later funding rounds to help finance the work of Eclipse Labs, which is responsible for the upcoming debut of Eclipse Mainnet.
It came as a shock when Dragon Capital stated they hadn’t invested in Eclipse Labs despite allegedly becoming aware of rumors surrounding sexual assault.
As a crypto investor, I might have tried to intervene and save the initial Ethereum scaling solution based on Solana Virtual Machine (SVM) from unfavorable publicity. The Hack VC team’s statement hinted at potential issues with this project.
At Hack VC, we intolerantly prohibit any form of sexual harassment or misconduct. Our founders and portfolio companies are expected to uphold these stringent standards as well.
Under new management, the market’s attention is now turning towards the anticipated launch of the Eclipse Mainnet in the second quarter, as scheduled by Eclipse Labs.
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2024-05-17 01:27