Pioneering web TV company Joost has ousted its chairman Mike Volpi by shareholder vote and is conducting an investigation into his actions during his tenure as CEO and chairman. The former Cisco executive had stayed on as Joost chairman after stepping down as CEO in June.
While details have yet to emerge of the reason behind the investigation, it is clear that Joost co-founders Niklas Zennstrom and Janus Friis have had a significant falling out with Volpi.
Following Volpi’s exit from the CEO post, Joost changed its focus from internet TV player to offering a white label video platform. The company also substantially downsized its global operations.
While still chairman, Volpi joined VC firm Index Ventures, which was part of a consortium acquiring Skype from eBay for €1.3 billion. It is unclear if the falling out with Volpi came before or after this deal. Friis and Zennström are also the founders of Skype, which is currently in court with eBay over the use of its technology.
Two weeks ago eBay confirmed it would sell 65% of Skype to Andreessen Horowitz, Silver Lake Partners. Volpi and managing partner Danny Rimer, a Joost board member, are noted as the Index Ventures contacts.