[VanShuyten]

I don’t understand how the CEO, founder and owner can fire himself. This looks like cover to protect his government contracts.

[Red Badger]

By early this morning (11/15), PacketSled ‘accepted his resignation’ and released this statement:

The PacketSled Board of Directors accepted the resignation of President and CEO Matthew Harrigan, effective immediately. Fred Wilmot, the company’s Chief Technology Officer, will serve as interim CEO while the Board of Directors conducts a search for a permanent replacement. We want to be very clear, PacketSled does not condone the comments made by Mr. Harrigan, which do not reflect the views or opinions of the company, its employees, investors or partners.

PacketSled Accepts Matthew Harrigan Resignation: pic.twitter.com/ukwLdeO9YO— packetsled (@packetsled) November 15, 2016

(tweet)

PacketSled’s Response to Matt Harrigan Comments: https://t.co/EEmFjYbOoopic.twitter.com/tkQCp9egKy—; packetsled (@packetsled) November 14, 2016

(tweet)

[lafroste]

That depends on how the company was structured. Remember Apple fired Steve Jobs. There comes a point in a corporate life cycle that the person who started it also becomes expendable.

[bjorn14]

I dont know the exact corporate structure but if it is a start up. Investors usually want a seat on the BoD and if their shares are larger than the founder’s they ultimately control the company so they can fire him. He probably got a good golden parachute.

[Trump Girl Kit Cat]

Steve jobs was fired by his board of directors once you put your company public for funding it is NO LONGER YOUR company!!!

[DAC21]

“I don’t understand how the CEO, founder and owner can fire himself”

Although a private company with less than 20 employees, it only exists because it was Venture Capitol backed. The investors got their pound of flesh.

[HollyB]

https://packetsled.com/management/

[A Formerly Proud Canadian]

If you check the company, it is privately held, but they raised $8MM through venture capitalists. A FReeper yesterday, posted a link to a website that had some details about this. I could not find it, but here is another link with some info. One of the Principals of one of these funds on the other link, is on the Board of Directors and the 'angels' sometimes take controlling interest.

'He who pays the piper, calls the tune.' The shareholders (angels) through the BoD, have called the tune and asked Dandy Don Meredith to sing it: "Turn out the lights, the party's over..." for the CEO, the would be 'sniper'.

[goat granny]

Apple fired Jobs and it was his company....

[Talisker]

I don’t understand how the CEO, founder and owner can fire himself. This looks like cover to protect his government contracts.

Well since Trump is now president elect, his board was probably told there AREN'T any more government contracts.

Even his resignation might not save their butts. One thing's absolutely sure - the company has a GAO audit coming that they will remember for the rest of their lives...

[ConsCA]

“I don’t understand how the CEO, founder and owner can fire himself. This looks like cover to protect his government contracts.”

He was not the owner of the company. He was a founder with investors. Investors who probably owned the majority of the company. From what I can tell, there are at least 2 other Board members and combined control most of the equity. Founders and CEOs are bounced from startups all the time - but generally not for something like this.

I see no evidence of government contracts (at the Federal level) for PacketSled, there was a photo of him and Former Director of the CIA, James Woolsey at a conference. But, that may be the closest he’s gotten to the CIA. Plus the City of San Diego announced they were using their product.

But, during the PR for the Series A - they hinted at customers being in healthcare, government, financial, etc. Usually, it means someone within these organizations evaluated the technology during stealth.