Yesterday, the Information published a report documenting allegations from six women who accused venture capitalist Justin Caldbeck of making unwanted sexual advances toward them, from groping to inappropriate text messages. Barely 24 hours later, Caldbeck has announced he is taking an “indefinite leave of absence” and will be getting professional counseling.
“The power dynamic that exists in venture capital is despicably unfair,” he said in a statement provided to Fast Company. “The gap of influence between male venture capitalists and female entrepreneurs is frightening, and I hate that my behavior played a role in perpetrating a gender-hostile environment. It is outrageous and unethical for any person to leverage a position of power in exchange for sexual gain—it is clear to me now that that is exactly what I’ve done.”