Update: I am updating this post to anwser some FAQ about PodTech. I was asked to step down without warning from my board members and majority owners USVP and Venrock. One common misperception was the role of USVP and Venrock in this move. Fact: USVP and Venrock did not support my vision for the company and forced me to step down as CEO and promoted James McCormick to CEO which I was against.
Update: James McCormick, USVP, and Venrock led the change in management and direction with new funding of $2 million and as I have learned have shut down operation. Since August 2007 I have been not involved in any operations or decision making. Specifically, James McCormick has been and was the most senior executive and McCormick made all the decisions concerning PodTech and it’s subsequent demise.
Here is the official PodTech statement:
Today the company, which I founded two years ago, is announcing a new CEO – James McCormick. James has been the Chief Operating Officer for the past 9 months. In his role he has been setting up the business and operating infrastructure for PodTech. He is being promoted to CEO, and will now take over as CEO to run the company.
On a personal note, as an entrepreneur, I’m proud and excited about the company’s market position, Podtech accomplishments, the people whom I have hired, and overall direction of PodTech. Starting a successful company from ground zero and rapidly growing/establishing the company is difficult and rewarding. I’m proud of the hard work from everyone involved … specifically support from my investors – Andy Kessler, Paul Carney, Audrey Maclean, Jim Anderson, Feng Deng, Laurene Powell,. PodTech has a diverse culture of high energy people. Over the past two years the company has been successful in identifying and establishing multiple revenue models that are scaling viably.
Thanks to all the employees, people I interviewed, partners, and customers that I worked with over the past two years. I’m looking forward to continuing the efforts in a new direction.
Finally I’d like to thank my wife Linda who has been a true co-founder, inspiration, and friend. Raising four kids and doing a startup is a big accomplishment. Thanks Linda.