Tuesday, July 25, 2017

"Hampton Creek is losing about $4 million a month, according to the people. Absent additional funding, the startup is projected to run out of money within six months"

Bloomberg:

The dismissal of these three executives came while the employees were on a business trip in Majorca, Spain. During their weekend break, Tetrick created a ruse, said one of the people. Tetrick told the three to cancel their flights to a meeting in Germany. Instead, Tetrick instructed, they would pitch a wealthy venture capitalist who happened to be in Majorca on Monday afternoon, the person said.

Tetrick asked the executives to book a conference room at a Majorcan hotel and video conference him into the investor pitch. But when the three executives patched Tetrick into the meeting, they were surprised to see him sitting with a member of Hampton Creek’s human resources department. Moments later the supposed potential investor arrived. The man introduced himself as an agent who had been hired by Tetrick, the person said. He was there to serve the executives their termination documents and take their company laptops, the person said.

Upon learning of the firings, the directors called an emergency board meeting in which some members demanded Tetrick reverse his action. But it was too late. Tetrick had already shared details of the discharge with a journalist from the Guardian.