Techstars CEO Maëlle Gavet announced on LinkedIn that he is leaving the company at the end of the month for health reasons. Starting today, Techstars co-founder and CEO David Cohen will change into CEO.
Gavet became CEO in 2021 and wrote on LinkedIn that she “wouldn’t trade the last 3.5 years of hard work for the world.” She then congratulated her team, management, employees, investors and founders she had worked with during her time.
“I will be cheering you all on from the sidelines and remain a supporter of Techstars.”
Techstars declined to comment further on Gavet’s departure, but pointed to a statement posted on its website.
Gavet has had a turbulent profession at Techstars.
During Gavet’s time as CEO, her leadership style was the subject of controversy, with employees and executives accusing her of making a tense work environment that led to a significant worker exodus. Techstars also had difficulty balancing its ambitions to scale with its need for profit, and its relationships with corporate partners comparable to JPMorgan Chase led to large customer attrition, in line with the source.
Under Gavet, Techstars accelerator programs in Austin, Toronto, Seattle, Sweden, Boulder and Norway were closed. With Techstars’ relationship with JPMorgan deteriorating, the roughly eight programs funded under the $80 million partnership – including in Miami, Atlanta and Oakland – are unlikely to proceed.
In a separate statement posted on Cohen’s website, she thanked Maëlle for her time at the company. “She created a great team, made many difficult decisions and courageously introduced complex changes that were much needed,” we read in the statement. “Now Maëlle must focus on her health. I know I speak for everyone at Techstars when I say we wish her strength and courage as she speaks about what lies ahead.”
Cohen said he is “excited” to return as CEO of Techstars, a position he held on and off for 13 years. “I will continue to focus on making Techstars even better for founders,” he wrote.