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Justdial CFO Steps Down and 500 Startups Co-Founder Dave McClure Resigns Following Harassment Scandal

500 Startups partner Elizabeth Yin also resigned on Monday, saying the venture firm wasn’t forthcoming with employees about the reasons for McClure’s departure, and was slow to separate from him.

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Dave McClure
Ramkumar Krishnamachari

Justdial CFO Ramkumar Krishnamachari has stepped down from the firm and Dave McClure, 500 Startups co-founder, has resigned as General Partner following sexual harassment scandal. Read a brief description below:

1. Ramkumar Krishnamachari, chief financial officer of online local business search engine Justdial, has resigned from the firm.

Krishnamachari will be relieved from his duties with effect from 30 September 2017, as reported by VCCircle.

He joined Justdial in 2010 and in his role as CFO, Krishnamachari led the firm’s finance, legal, taxation and secretarial functions besides being responsible for investor relations and stakeholder management.

In October 2016, the company’s chief technology officer RV Raman stepped down. Raman was the second CTO to leave the company in a year after his predecessor Sandipan Chattopadhyay resigned in December 2015.

2. Dave McClure, 500 Startups co-founder, has resigned as General Partner at the firm after several women said he harassed them. 

On Monday, another woman publicly accused him of unwelcome sexual advances. Cheryl Yeoh, a founder whose company had been funded by 500 Startups, was in talks with McClure about collaborating on an accelerator in Southeast Asia, she wrote in a blog post. After a business meeting in 2014 that stretched late into the evening, McClure proposed having sex with Yeoh, according to the post. After she rebuffed him more than once, McClure made yet another entreaty, she said. He “pushed himself onto me to the point where I was backed into a corner, made contact to kiss me,” she wrote. “Disgusted and outraged, I said no firmly again, pushed him away and made sure he out my door.” 

500 Startups partner Elizabeth Yin also resigned on Monday, saying the venture firm wasn’t forthcoming with employees about the reasons for McClure’s departure, and was slow to separate from him. 



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