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 chairman David Cohen will become 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 gave a shout out to her team, executive board, employees, investors and founders she worked with during her time.
“I will support all of you from the sidelines and remain a supporter of Techstars.”
Techstars declined further comment on Gavet’s departure, but pointed to a statement posted on its website.
Gavet had a difficult tenure at Techstars.
During Gavet’s tenure as CEO, her leadership style was the subject of controversy, with employees and CEOs accusing her of fostering a tense work environment that led to significant employee turnover. Techstars has also struggled to balance its ambition to scale with its need for profit and has had strained relations with corporate partners such as JPMorgan Chase that have led to high customer churn, according to one source.
Under Gavet, Techstars accelerator programs in Austin, Toronto, Seattle, Sweden, Boulder and Norway were closed. After Techstars’ relationship with JPMorgan soured, the eight or so programs funded by that $80 million partnership — including in Miami, Atlanta and Oakland — are now unlikely to continue.
In a separate statement posted on the website, Cohen thanked Maëlle for her time at the company. “He built a great team, made many difficult decisions and bravely made complex changes that were absolutely necessary,” the statement said. “Now Maëlle needs to focus on her health. I know I speak for everyone at Techstars when I say we wish her strength and courage as she talks about what’s to come.”
Cohen said he was “thrilled” 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.
Read more:
Inside the ‘cold war’ at Techstars as CEO Maëlle Gavet hires, fires, fights to force change
Techstars’ $80 million partnership with JP Morgan is on the rise, employees say
Leaked documents show Techstars lost $7 million in 2023 but still had plenty of cash
