A number of high-profile executives and investors are leaving their respective positions and shaking up both Wall Street and Silicon Valley. Below is a synopsis of all the departures that were announced yesterday:
Bill McGlashan is leaving TPG: Bill McGlashan is officially leaving TPG where he was the head of its social impact funds after he was implicated in the college admissions cheating scandal. Was he fired or did he resign? Well, it depends on who you ask. TPG says he was fired. In a statement to Term Sheet, the firm said “Bill McGlashan has been terminated for cause from his positions with TPG and Rise effective immediately. After reviewing the allegations of personal misconduct in the criminal complaint, we believe the behavior described to be inexcusable and antithetical to the values of our entire organization.” Jim Coulter, who co-heads the firm, is taking over managing partner responsibilities for Rise and TPG Growth, which McGlashan founded in 2007.
Meanwhile, McGlashan claims he stepped down on his own because he sent an email submitting his resignation to TPG an hour before the firm sent him a notice of termination. For a more comprehensive view on how this went down, check out this Twitter thread of internal emails.
Lee Fixel is leaving Tiger Global: Lee Fixel, the head of Tiger Global’s $13 billion private equity business, plans to leave at the end of June, according to Reuters. Fixel, who is behind investments such as Flipkart, LinkedIn, Juul, and Spotify, plans to invest his own money and “may start an investment firm in the future.” Scott Shleifer will take his place at Tiger Global.
Chris Cox and Chris Daniels are leaving Facebook: Two top Facebook executives are departing the tech giant. Cox joined Facebook in 2005 as one of its original software developers, and he was instrumental in creating the company’s first News Feed. In his latest role as product chief, a position he held for 10 months, Cox led strategy for the company’s family of apps.
Chris Daniels, the head of the company’s WhatsApp messaging product, is also leaving. Daniels led WhatsApp for 10 months, after replacing co-founder Jan Koum, who left the company in April.
The duo of executives is departing after disagreements with Mark Zuckerberg over his desire to exert control over his company and its apps. The new plan includes integrating the company’s various services — WhatsApp, Instagram, and Facebook Messenger — under a singular privacy-focused platform, according to The New York Times.
IPO READY: Ride-hailing giant Uber will reportedly file for its much-anticipated initial public offering next month and begin its investor roadshow shortly thereafter.
The offering, which could value the company at up to $120 billion, will likely hit public markets after rival Lyft has already completed its IPO. Uber’s revenue last year was $11.3 billion, and it lost $3.3 billion. Lyft, by contrast, said in its prospectus that its 2018 revenue totaled $2.2 billion and reported a loss of $911 million.