"effective immediately" means either... he doesn't have a contract with a notice period, or he does and is willing to forfeit any benefit from it like share options, etc.
One reason might be the share price has collapsed and he has no confidence in it coming back (pretty scandalous if he's the CEO!), or Meta has offered him inducements > what he's walking away from.
Good way to burn a lot of bridges. He's never going to be hired as CEO by anybody for the rest of his career.
CEOs manage to fail upwards their entire career, I don't suspect this will be any different. Just some "nerds on a forum" who got annoyed with his personal decisions.
100% this. The CEO at my last company squandered hundreds of millions of investor funds, and now he's the CEO at another company taking on hundreds of millions in debt.
Another example: current CEO of Cerebras, is an SEC felon from a prior company (for cooking the books), and now he's CEO of a public company.
everfrustrated · · focus · HN ↗
One reason might be the share price has collapsed and he has no confidence in it coming back (pretty scandalous if he's the CEO!), or Meta has offered him inducements > what he's walking away from.
Good way to burn a lot of bridges. He's never going to be hired as CEO by anybody for the rest of his career.
0x1ch · · focus · HN ↗
latchkey · · focus · HN ↗
Another example: current CEO of Cerebras, is an SEC felon from a prior company (for cooking the books), and now he's CEO of a public company.
ownagefool · · focus · HN ↗
Only needs to work once for him to get a passive payoff. Sitting in your lane usually doesn't buy you that.