However, after the issue became a full-blown scandal, Caldbeck was pressured to resign, and Teo sent a letter to limited partners calling Caldbeck’s behavior “predatory” and “deplorable.” He also assured them that “there will be zero tolerance at our firm of any conduct that is demeaning to women.”
It appears that the statement was not sufficient to convince the firm’s portfolio CEOs as almost all of them reportedly threatened to buy back their shares from Binary unless the LPs also ditch Teo.