The board of directors of Vungle, a maker of video ad platforms, has announced that Zain Jaffer will be replaced as CEO by Rick Tallman, Vungle’s chief operating officer. This comes after Jaffer was arrested for assault, lewd act upon a child and related charges. The victim was his 3-year-old child, according to San Mateo County District Attorney Steve Wagstaffe.
A company spokesperson provided the following statement, attributed to new CEO Tallman:
“We are aware of the extremely serious allegations leveled against our former CEO, and we are shocked beyond words. While these charges are completely unrelated to his former role at the company, they are obviously so serious that it led to his immediate removal. We learned of the allegations late Monday night and convened a board meeting, removed him as CEO and I was appointed permanent CEO all within 24 hours. He did not step down for personal reasons as has been erroneously reported. We removed him as rapidly as possible. The actions of one individual are in no way reflective of the almost 200 dedicated and hard-working people who work for Vungle. Everyone at the company is appalled and deeply saddened by these events.”
David Olmos, an attorney for Jaffer, said in an email, “Mr. Jaffer has pled not guilty, and he will not comment publicly at this time.”
Jaffer is set to appear before the court on Nov. 1. Bail was set for $300,000. Wagstaffe said he did not have additional details to share about the circumstances related to the arrest.