CEO Fired After Wasting Rs 53 Lakh To Treat Clients At Strip Clubs

We do crazy, stupid things sometimes because after all, we are all humans. But this CEO at a Silicon Valley startup took things to a brand new level.

Eric Gilmore, CEO of Turvo, was fired after he was exposed by the chief financial officer for spending more than $75,000 or Rs 53,24,000 at strip clubs using not his own credit card but the company’s one.

Bloomberg was the first to report this. Eric Gilmore was also the company’s co-founder. He used to treat his clients to strip clubs. Surprisingly, Gilmore didn't even try to clarify his actions.

Upon the discovery, Gilmore was dismissed from his position in May. He was asked to put his signature on a separation agreement. He disagreed to sign, stating that this violates the company’s regulation.

Gilmore said that this confrontation wasn’t carried out as a formal meeting. He then later sued the board. The settlement was reached in September.

According to a company’s spokesperson, Turvo had no further comment. It had already resolved the matter and moved on.

While the settlement's details weren’t revealed, Eric is still on the company’s board with the largest stake.

In November, Scott Lang took up Eric Gilmore’s position and became Turvo’s next CEO. Previously, he led Silver Spring Networks which is a subsidiary of Itron, a company supplying services and products for energy and water resources management.

Turvo offers logistics companies software services to effectively and efficiently keep track of transportation and shipment.