Ryan Breslow, a co-founder of Bolt Financial Inc., has announced his resignation as CEO, just two weeks after the company was valued at $11 billion.
Breslow, who is 27 years old, will take over as executive chairman. Maju Kuruvilla, a 44-year-old Bolt executive who previously worked at Amazon.com Inc. as a vice president, will be promoted to CEO. The move was first reported by TechCrunch on Monday.
Bolt develops payment software for online retailers such as Forever 21. It’s been around for seven years, but in the last few months, it’s seen a surge in investor interest. In October, the company raised $6 billion in funding, followed by $11 billion this month.
However, since that last deal, a strange series of events has cast a pall over the company. In a blog post about the funding, Breslow stated that BlackRock Inc. was the lead investor. The post was quietly revised after BlackRock stated that it didn’t. Breslow, a frequent Twitter user, accused a competitor, Stripe Inc., of conspiring with venture capitalists to harm competitors in a series of tweets. The posts received a lot of negative feedback.
Breslow said in an interview that he planned to resign weeks ago, before the most recent financing was finalised. Breslow will focus on “culture and vision” as well as business development, while Kuruvilla will take over as CEO.
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