Vesttoo’s Bertele and Lifshitz removed from their positions
Based on a report from Israeli media outlet Calcalist, Vesttoo’s board has removed co-founder and CEO Yaniv Bertele and co-founder and chief product officer Alon Lifshitz from their positions effective August 1st.
Earlier this week, Bertele sent out an email to employees announcing a 75% workforce reduction.
According to the report, the committee tasked with investigating the fraud case, found that Vesttoo’s leadership did not regularly report to the board of directors and even hid what had unfolded in the weeks leading up to the story becoming public.
The report also suggests that the board plans to shut the company down and take out whatever cash is left – “tens of millions of dollars” according to estimates.