SoFi CEO Resigns Amidst Lawsuits, Chhatwal Becomes new Taj Hotels CEO

The following post was written by Nadia Nidam

Mensch:
Noun. A decent, upright, mature and responsible person.

Schlemiel:
Noun, slang. An awkward, clumsy, or unlucky person whose endeavors tend to fail. A loser.

Mensch of the Week:

Puneet Chhatwal, New CEO of Taj Hotels

Puneet Chhatwal becomes new CEO of Taj Hotels as Rakesh Sarna steps down. Indian Hotels Company Limited is the parent company of Taj Hotels Palaces Resorts Safaris, and chose Chhatwal. With 30 years of experience in hospitality, IHCL wanted Chhatwal on their team.

Taj Hotels, responsible for 100 hotels worldwide, hopes Chhatwal will help expand Taj Hotels. Known for their grandiose, palace-like hotels, Taj needed someone with great experience to keep up with their company.

Returning to India is a huge move for Chhatwal, who has spent the last 30 years in Europe. Of those 30 years, five were spent as the CEO of Steigenberger Hotels part of Deutsche Hospitality Group. A replacement for him has still not been found but the Supervisory Board “wishes him all the best”.

Schlemiel of the Week:

Mike Cagney, SoFi CEO to step down

Newest Silicon Valley startup is Already Cracking.

Mike Cagney, Social Finance’s CEO and founder, has announced his resignation.  Amid lawsuits of sexual harassment, extreme work hours, and hostile work environment, Social Finance is cracking under the pressure. Not unlike other fast growing startups, SoFi is facing lawsuit after lawsuit for it’s encouraged “male bravado” office culture.

The company was doing everything it could to keep their boys club culture a secret. Brandon Charles witnessed sexual harassment of female employees and filed a lawsuit August 11th. He was promptly fired. But SoFi was not able to keep this a secret for long. Mike Cagney, CEO and founder of SoFi back in 2011 will step down by the end of 2017. Cagney claims the lawsuits are distractions that make progress for the company impossible. He was scheduled to speak at a Goldman Sachs event but chose to cancel. It all seems like a lukewarm way to appease the public but never have to apologize for his actions.

Other lawsuits have been filed by employees claiming they were not given proper breaks and pay. Some employees claimed it was not uncommon for an executive to break a phone or piece of furniture out of anger.

It is impossible to not make comparisons to companies like Uber. Both of these Silicon Valley startups have had to force CEOs to step down due to sexual harassment lawsuits. Are tech companies doomed to fall into this trend? It makes you wonder if there is something inherently chauvinistic about the Tech industry, which even Google is struggling with.