Last updated on September 3rd, 2024 at 07:19 pm
Ethereum Layer-2 blockchain Eclipse is undergoing a leadership change following the departure of its founder and CEO, Neel Somani, amid allegations of “sexual misconduct”.
Eclipse Labs announced on May 16, 2024, that Vijay Chetty would immediately assume the role of CEO, taking over from Somani. The company did not disclose the reasons for Somani’s departure.
Operational update on behalf of Eclipse Labs: “Effective immediately, Vijay Chetty will be named CEO of Eclipse Labs, taking over for Neel Somani who is departing. Chetty will be elevated from Chief Growth Officer and will assume all responsibilities of CEO.
— Eclipse ???? (@EclipseFND) May 16, 2024
According to Eclipse, Chetty, who was previously Eclipse’s chief growth officer, brings a wealth of experience to his new role. He previously held leadership positions at Uniswap Labs, dYdX Trading, and Ripple Labs and has investing experience from his time at BlackRock.
Meanwhile, Somani announced on May 9 that he would be temporarily reducing his role as a public face for the firm following serious allegations of “sexual misconduct” against him. He denied the allegations, stating that he had never “sexually assaulted” or “harassed” any woman and would work to clear his name and defend himself.
Serious allegations have been made against me on Twitter in the last week. These allegations are false, but serious allegations about sexual misconduct warrant a serious and thoughtful response. You’ll find that response in the thread below:
— neel (@neelsalami) May 9, 2024
In response to the allegations, Eclipse stated that it takes such claims seriously and believes in the importance of truth.
The firm had recently completed a $50 million Series A funding round led by venture firms Hack VC and Placeholder in March.
Hack VC, in a post on X on May 16, expressed concern over the allegations against Somani and stated that it had urged him to resign. The venture firm emphasized its zero-tolerance policy for “sexual harassment” or “misconduct” and affirmed its commitment to holding founders and portfolio companies to high standards.
“We do not tolerate sexual harassment or misconduct in any form at Hack VC, and we hold our founders and portfolio companies to the same high standards. To be perfectly clear: the alleged behaviour in question is unacceptable, full stop,”
the firm stated in the post.
UPDATE (September 3, 2024):
Neel Somani’s departure from the company was voluntary, and as of press time, no charges have been filed in relation to the allegations against him.
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