David Mandelbrot is out as CEO of crowdfunding site Indiegogo, citing "personal reasons" in his farewell LinkedIn post. The company also fired some employees, according to sources who were familiar with the issue.
Andy Yang is starting his term as the next CEO today, Mandelbrot said in his post, which was published yesterday. Yang was most recently & # 39; leading core product at Reddit & # 39; and was previously the CEO of 500px, an online platform and community for photographers. "I am very happy that I am taking over the CEO reins from Dave and that the company is able to further realize its mission," Mandelbrot said to Yang.
The post did not comment on the layoffs. An e-mail to Mandelbrot has not been returned. Indiegogo declined to comment.
Indiegogo & # 39; s most important competition is the more famous crowdfunding platform Kickstarter. Both platforms struggled with disappointed consumers, because the projects that they may have funded are often delayed if they are delivered at all. Crowdfunding sites have tried to change their business models. Indiegogo told The edge in April it would launch multiple campaigns with a & # 39; guaranteed delivery badge & # 39 ;: either you would get the product you supported or all your money back.
Under Mandelbrot, Indiegogo also welcomed large business partners. Both General Electric and Lego have used Indiegogo to launch products, making the platform a marketing tool.
Correction: The LinkedIn post of David Mandelbrot was published yesterday May 21. Andy Yang started as CEO today.