David Mandelbrot came out as CEO of the crowdfunding site Indiegogo, citing "personal reasons" in his LinkedIn farewell post. The company also fired some employees, according to sources familiar with the matter.
Andy Yang will begin his term as the next CEO today, Mandelbrot said in his publication, which was published yesterday. Yang was recently the "leading lead product on Reddit", and previously he had been the CEO of 500px, an online platform and community for photographers. "I am delighted to take the reins of Dave's CEO and allow the company to further achieve its mission," Yang told Yang Mandelbrot.
The publication did not comment on the dismissals. An email was not returned to Mandelbrot. Indiegogo declined to comment.
Indiegogo's main competition is the best-known collective financing platform, Kickstarter. Both platforms have struggled with disappointed consumers, since projects that may have funded are often delayed, if they are sent. Crowdfunding sites have tried to change their business models. Indiegogo told The Verge in April that it would launch several campaigns with a "guaranteed delivery badge:" or it would receive the product that it backed or would return all of its money to.
Under Mandelbrot, Indiegogo also welcomed Great corporate partners. Both General Electric and Lego have used Indiegogo to launch products, turning the platform into a marketing tool.
Correction: David Mandelbrot's LinkedIn post was published yesterday, May 21. Andy Yang started being executive director today.