Andy Byron resigned this Saturday as CEO of Astronomer, an artificial intelligence company valued at 1.3 billion dollars, after being involved in a scandal with the company’s Human Resources director. The incident went viral when both were caught being affectionate at a Coldplay concert despite being married to other people, which led to immediate consequences for their careers and, in Byron’s case, also for his finances.
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The company issued a statement indicating that its leaders are called to set an example, and that such standard was not met. The Astronomer Board accepted his resignation after a rapid escalation of the scandal, which would have been a strategy to avoid being fired without compensation, according to sources close to the company.
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Millions at risk following the scandal at the concert
Byron’s departure from Astronomer could mean a significant loss in future income. Prior to his resignation, the 50-year-old executive was earning an estimated annual salary between $469,000 and $690,000, according to the New York Post, not including the substantial performance bonuses he had been receiving.
In addition, his stake in the company, which has been valued at over a billion dollars, positioned him with a fortune estimated between 50 and 70 million dollars.
Although the final details of his exit package are unknown, the Post reported that Byron began negotiating his departure on the same Thursday he was suspended, with the intention of securing at least part of the benefits he would lose if formally dismissed.
Astronomer had been experiencing sustained growth, backed by an investment of approximately 100 million dollars in recent funding rounds. This performance promised significant returns for its executives, especially in a context of aggressive expansion within the DataOps and applied artificial intelligence solutions market.
Why did Andy Byron resign from Astronomer?
The episode that triggered the CEO’s departure occurred on Wednesday night at a concert at the Patriots stadium in Boston. Byron and Kristin Cabot, both 52 years old, were caught by the event’s “kiss cam” as they hugged. Upon noticing they were being projected on the big screen, both reacted nervously: she covered her face and he crouched down trying to get out of the frame.
Chris Martin himself, the band’s leader, joked about the situation without knowing the background, commenting that "either they are having an affair or they are very shy." By Thursday morning, both had been identified as high-level executives at Astronomer, and their infidelity became a worldwide trending topic on social media.
On Friday, a new video appeared showing them kissing, which accelerated their suspension while the company announced the start of an internal investigation. Cabot, whose situation in the company has not yet been defined, also temporarily stepped down from her duties.
Personally, the crisis has also had immediate repercussions. Byron’s wife, Megan Kerrigan, removed her last name from her Facebook profile and later closed her account after receiving numerous messages. Kristin Cabot, on the other hand, is rumored to be married to businessman Andrew Cabot, with whom she recently purchased a $2.2 million house in Rye, New Hampshire.