![]() ![]() Kleiner Perkins discriminated against Pao based on genderĢ. Pao is suing on four counts on both discrimination and retaliation. In 2012, she filed a gender discrimination lawsuit against the firm and was terminated from the company a few months later. Pao joined Kleiner Perkins Caufield & Byers as a junior investing partner in 2005. Inc.com reported that LearnVest will operate as an independent subsidiary of Northwestern Mutual, and von Tobel will continue to operate at the company’s CEO. When the startup closed its $28 million Series D round of funding in 2014, Northwestern Mutual was one of the investors. And now the news is out that LearnVest is selling to financial services company Northwestern Mutual for a rumored $250 million, according to Fortune. To date, LearnVest has raised a little over $70 million in venture capital funding. She put in $75,000 of her own money to get started. Initially targeted towards women, the company now offers a wide range of online tools that help all users improve their financial literacy and better manage their money - budgeting, financial planning, investing and more. Northwestern Mutual Acquires LearnVest for a Rumored $250 MillionĪlexa von Tobel dropped out of Harvard Business School just after the economy crashed and launched LearnVest in 2009. She was the been the lead banker on several tech IPOs, including Amazon, eBay, Netscape and Priceline, according to Forbes. Porat grew up in the Bay Area and attended Stanford, where she serves on the university’s Board of Trustees. Most recently she’s been the Morgan Stanley CFO, and previously she held a variety of roles with the company including Vice Chairman of Investment Banking, Global Head of the Financial Institutions Group and and co-Head of Technology Investment Banking. Dubbed “the most powerful woman on Wall Street” by Forbes, Porat has been with Morgan Stanley since 1987. Ruth Porat will step into her role as Google CFO on May 26. (We even speculated ourselves! Check out our list of top tech CFOs.) Earlier this week, Google announced his replacement. Google’s Chief Financial Officer Patrick Pichette publicly announced his retirement on March 10, leaving much speculation about who would fill his shoes. Morgan Stanley’s Ruth Porat to Join Google as CFO If you’ve been off the grid or too busy working a 100+ hour week for your next big launch, here’s what everyone in tech - and we mean everyone, not just women - is talking about this week. “Women in tech” has been a hot headline topic this week, to say the least. ![]() ![]() Kleiner Perkins had sought $865,000.In case you missed these big headlines, here’s what happened in tech this week. Superior Court Judge Harold Kahn has issued a tentative ruling that Pao should pay $276,000 to her old firm to cover legal costs. She had lost her case, but many felt she had won in the court of public opinion, after generating a real and frank conversation about gender in Silicon Valley. ![]() Pao’s trial ended when a jury of six men and six women decided in favor of the firm. This led many people to question Pao’s motives and the timing of her suit. On the sidelines, another drama was developing involving Pao’s husband, Buddy Fletcher, who was also beset by legal troubles, including a lawsuit he brought against the swanky apartment building where he lived in New York City and a bankruptcy at the hedge fund he ran. Kleiner had its own version of the story, including reports of Pao’s poor performance, her sense of entitlement, and the fact that she was not perceived as a team player. There were allegations of unwanted sexual advances, all-male ski trips and uncomfortable conversations about pornography, as well as claims of retaliation against her for ending a relationship with a married coworker.Īt one point, Pao said, she was told by a colleague, “ Women kill the buzz.” Over the course of several weeks in one of the most closely watched tech trials in history, jurors heard sordid details of the alleged bad behavior that prompted Pao to file the suit, seeking as much as $100 million in damages. What transpired over her seven years at the Silicon Valley giant, before Pao was eventually fired in 2012, reads like a soap opera. ![]()
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