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COIN.US
id: 82
Employees of the Company made petition to Remove COO Emilie Choi, Chief Product Officer Surojit Chatterjee, and Chief People Officer LJ Brock. In their petition employees at Coinbase believe that the executive team has recently been making decisions that are not in the best interests of the Company, its employees, and its shareholders. COO Emilie Choi, CPO Surojit Chatterjee, and Chief People Officer LJ Brock have been the most prominent executives who have been executing plans and ideas that have led to questionable results and negative value. Some of these include the following: 1. The failure of the Coinbase NFT platform 2. The over-prioritization of certain products, which has led to a lack of focus on other important issues like infrastructure 3. Initiatives like the Dot Collector and the Performance review system that has led to a toxic workplace culture 4. Aggressively hiring for thousands of roles, despite the fact that it is an unsustainable plan and is contrary to the wisdom of the crypto industry 5. Not being able to output any higher or better quality products and services despite aggressively hiring more employees 6. Rescinding offers to new employees despite promising them that their offers would not be rescinded two weeks earlier, leading to a massive negative reception from the public and the industry at-large 7. The failure to communicate important ideas and plans to the rest of the company, such as the possibility of lay-offs and the plan to fix many technical debts 8. A generally apathetic and sometimes condescending attitude from the CPO, COO, and Chief People Officer Company employees stated that respective actions have hurt multiple parties: 1. The employees, who have to deal with the unrealistic demands from said executives and the damage they have caused on a day-to-day basis 2. The shareholders, who have seen their stock price continually fall, especially from the high of $420 at the beginning of the IPO and the middle range of $250 throughout the summer of 2021 3. The company itself, whose plummeting stock value and bad workplace management led to low morale and the threats of losing top talent 4. The company’s reputation to the public, where people are less likely to view Coinbase as a trustworthy and reliable crypto exchange to do business with. Because of these factors, investigation should take place and proper legal action have to taken if necessary.
Case Status
Attorney Investigation
Alleged Offence
Mismanagement
Negligence
Breach of Fiduciary duty
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10 June 2022
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