Cáit Caden: After a nightmarish week, Web Summit can only dream of u-turns and a fresh face
Web Summit founder Paddy Cosgrave resigned from his role as CEO on Saturday. Picture: Patricia de Melo Moreira/AFP/Getty
Last week may seem like a nightmare for Web Summit, but the bad dream could linger on as the tech giants that pulled out of attending the conference have yet to reverse that decision, and the company is also now without a CEO.
Yesterday, founder of Web Summit Paddy Cosgrave resigned from his role of CEO after a wave of headliners scheduled to attend the event set to take place in Lisbon next month dropped out, after Mr Cosgrave posted comments online criticising Western leaders’ support for Israel during the war in the Middle-East.
Web Summit said it is currently searching for a new CEO but right now it remains unclear who will help run the business in the interim.
There are some key figures near the top of the company, which employs 300 people globally including around 200 people in Ireland, that could navigate it through the current calamity.
Among those is trained accountant and Web Summit chief financial officer Patrick Kirwan, who has been with the company for more than five years.
Web Summit chief operating officer Nida Shah has been with the company for almost a decade, and has previously worked as financial controller and VP of finance for the firm.
Web Summit chief marketing officer Michael Sexton has also been with the company for almost 10 years and held various roles with the company during that time, including senior data scientist and head of strategy and growth.
It’s also possible the company could look to someone on the company’s board to offer guidance during this grey period, such as Nathan Hubbard.
Mr Hubbard was previously CEO of Ticketmaster and became Web Summit’s first board appointee in 2021.
Meanwhile, Mr Cosgrave’s relationship with Web Summit co-founders Daire Hickey and David Kelly, who own a combined 18% of the company, has become embittered following years of lawsuits.
It may be time for a fresh outside face to move on from these controversies.
When asked who will run the company until a more permanent replacement for Mr Cosgrave is found, Web Summit did not comment.
For now, it seems like the focus for the company will be on rebuilding the momentum for one of the world’s largest tech events which is used by thousands of early stage entreprenuers to grow their businesses.
Mr Cosgrave released an apology earlier in the week on the company website, but it wasn’t enough. More and more high profile names, from Facebook-owner Meta to comedian Amy Poehler, announced they would not attend the conference.
As the weekend loomed closer, Mr Cosgrave contacted the Web Summit team to reassure the company has “enough financial reserves” for the event in November and that the company has successfully navigated crises before, including covid.
By yesterday afternoon though Mr Cosgrave’s time at the helm was up. He officially stepped down from his role and a source said he made the decision “on his own”.
However, silence followed his departure. The big names that previously distanced themselves from Web Summit when Mr Cosgrave was leading it did not do a u-turn.
The controversial event organiser may not be CEO anymore but he still owns 81% of the company and his resignation may not be enough to lure back the big names including Siemens and Intel.
Some companies that dropped out are considering their positions though, the understands.
However, some seem to be sticking to their decision for now.
Earlier this week, Google told the “it will no longer have a presence at Web Summit” attributable to a Google spokesperson”.
When asked if this has changed following the departure of Mr Cosgrave, a spokesperson said “we don't have any further comment”.
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