Coinbase vice president of Business and Data Dan Yoo has announced that he will leave the company following its recent ‘apolitical’ culture stance announcement.
Yoo made the announcement on his LinkedIn account on Friday, 9 October.
“In light of the decision the company was asked to make by October 7th, I have decided to leave Coinbase. I have agreed to stay on to help manage a transition through the end of the year, as necessary.”
Yoo has held his position at Coinbase since September 2019 and will be leaving the company just over a year since he joined as Business and Data VP.
Employees take up severance packages
Yoo is the most senior employee to publicly announce that he would be leaving the company after CEO Brian Armstrong announced that the company would no longer allow employees to engage in various activist causes.
Earlier this week Armstrong also revealed that 60 employees, representing 5 percent of Coinbase’s employee base, had opted for severance packages that had been offered to those that did not feel aligned with the company’s new defined culture policy.
Employees that wished to leave the company were also given a fairly short amount of time to act on the severance packages offered. In an internal letter sent to staff that was published by Coindesk, Armstrong offered employees a ‘generous separation package’.
The package included a four months payment period for staff that have worked for the company for less than three years. Employees that have worked at Coinbase for more than three years will be viable for a six month payment package