OpenWeb Founder Returns as Advisor Following Lawsuit Settlement
Staff Editor OpenWeb Founder Returns as Advisor Following Leadership Dispute
OpenWeb, a leading technology provider for online publishers, has announced the resolution of a leadership dispute that saw its founder, Nadav Shoval, return to the company in an advisory role. The settlement comes after Shoval was ousted as CEO and subsequently filed a lawsuit against the company and its board members.
The conflict began over disagreements regarding a potential investment from BlackRock and escalated when the board altered Shoval’s reporting structure, which he claimed breached his contract. In September, Shoval was fired after demanding the board reverse its decision, leading to a public and legal battle.
Shoval took to LinkedIn to contest his removal, asserting his commitment to OpenWeb’s mission. He then filed a lawsuit in Tel Aviv, seeking reinstatement as CEO and the ability to appoint two board members. OpenWeb countered, stating that the board had lost confidence in Shoval and accused him of seeking unwarranted financial gain.
After negotiations, a settlement was reached, allowing Shoval to return to OpenWeb as a senior advisor to the CEO. In a statement, Shoval expressed enthusiasm for supporting the company’s mission in his new capacity.
OpenWeb, founded in 2012, provides technology that enables publishers to enhance revenue and engagement. The company boasts an impressive client roster, including major media outlets such as CNN, Fox, and Hearst. With over $392 million raised in funding and a valuation of $1.5 billion, OpenWeb has attracted investments from prominent firms like Insight Partners, Georgian Partners, and Index Ventures, as well as notable figures such as Scott Galloway.
As the dust settles on this corporate dispute, industry observers will be watching closely to see how OpenWeb moves forward with its founder in an advisory role and how this resolution impacts the company’s future growth and operations in the competitive digital publishing landscape.
