Astronomer’s CEO Andy Byron was caught on camera kissing Coldplay’s HR Head Kristin Cabot at a concert in Boston. Chris Martin from Coldplay band commented that these two were having an affair. Both were married. The whole thing went viral. Andy Byron since then resigned as CEO. He had reportedly negotiated a fat exit package with Astronomer. The kiss cam event made the company a household name. It is a story of CEOs doing inappropriate things with inappropriate people. A lot can be learnt from indiscretions of those at the top. It is a text-book case, and one where CEOs and Boards will have to draw a line between executives’ public and private lives.
Even smart CEOs do dumb things, and lead to a fiasco. It is power that goes into their head that makes them ignore their risk-taking behavior. Boards have to pay attention to CEO’s personal life since it mirrors their professional conduct. There could be a correlation between cheating at home and cheating at work. Perhaps, there is no private life for a public figure. It is more so in the world dominated by social media and smartphone video. How can we expect privacy in the full glare of cameras and internet coverage. A CEO can ignore this reality at his/her own peril — if not, he/she is too reckless.
Previously, it took a whistle-blower to get a CEO fired after an office romance. A probe was conducted. A statement was made. The company got an opportunity to make strategies before the news broke out.
In Coldplay case, the company Anderson and public news both got caught simultaneously. The reaction of the Board took a few hours. It created a vacuum at the top. The involved persons deactivated their LinkedIn accounts. Byron’s name trended on internet. There were so many memes. The rules are being enforced. Perhaps, these are the people who otherwise flaunt them. Responsible people are being monitored.
A lesson should be learnt — your executive’s personal behavior matters.
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