CEO of Silicon Valley startup Turvo, Eric Gilmore, was reportedly fired for something really interesting. Apparently, the chief financial officer of the company found that Eric was using the company’s credit card at strip clubs and had spent over $75,000 on unofficial expenses.
The Silicon Valley startup makes software to help companies track the movement of freight and is backed by about $85 million in venture capital.
As reported by Bloomberg, Eric Gilmore, who was also the co-founder of the company, took his clients to strip clubs in order to entertain them and eventually get them to sign deals in his favors. What is more surprising is that he didn’t put in an effort to give clarification on his actions.
Earlier this year in the month of May, Eric Gilmore was fired upon the discovery of this discrepancy and was asked to sign a separation agreement to which he disagreed and stated that this process violates the company’s bylaws.
As per Eric‘s statement, the confrontation presented by the company was not a formal one. The meeting was against the norms of the board. Eric ended up suing the board, and later the case was settled in September.
A company spokesperson stated,
Turvo has no further comment. The matter has been resolved and the company has moved on.
While the details of the settlement weren’t made public, Eric still remains on the board of the company with the largest stake – as mentioned by a company insider in the report.
