25 October 2014

With nothing to do, Clinkle COO leaves

14 March 2014  |  3958 views  |  2 Dead end

Former Netflix executive Barry McCarthy has quit his job as COO of Clinkle after less than six months in the job at the mysterious payments startup.

Clinkle drew headlines in June when it secured an impressive $25 million in seed funding from an illustrious group of VCs and private investors despite the fact that very little has been revealed about its product.

In October McCarthy, who spent 12 years at online media streaming outfit Netflix, came on board to help build the business. However, while he was told that the app would go live that November it has still not appeared, leaving him with nothing to do.

"They're not nearly as close to scaling the businesses as I thought they were when I came in the door. And that's what I do," McCarthy told Re/code.

In a blog post, Clinkle's 22 year old founder and CEO Lucas Duplan says that McCarthy will continue to act as an advisor to the company and to him personally. Duplan and CFO Mike Liberatore, who joined earlier this year from PayPal, will take on McCarthy's managerial responsibilities.

In his blog post, Duplan also says that the Clinkle app has gone live with real money and is now being tested by friends and family with the plan to get it publicly available on college campuses later this year.

McCarthy isn't the first staffer to leave Clinkle in its short life. In December 25% of the firm's staff -16 employees - were axed in a restructuring. Those lay-offs were in addition to the departure of 31 employees earlier in the year, amid much grumbling about Clinkle's young boss.

According to Bloomberg, former Yahoo executive Chi-chao Chang lasted just one day in his job as Clinkle vice president of engineering. Other former employees told the wire that problems at the start-up can be traced to Duplan's unpredictable leadership.

Yet, despite the turmoil, the company has scored another investment of "several million dollars" from the Stanford-StartX fund.

KeywordsPEOPLE

Comments: (2)

Alexander Peschkoff - TEDIPAY - London | 14 March, 2014, 11:06

Additional round before they even launched anything commercially tangible with the previous $25m funding?.. I'd pay $100 to see Clinkle's pitch.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Robert Bell - PassportFX - London | 17 March, 2014, 02:14

Wow - Barry should send his CV to us, we're hiring. And profitable. And busy. Robert@KlickEx.org

 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

10 December, 2013
22 October, 2013
26 September, 2013
28 June, 2013

Related company news

 

Featured job

Competitive
Brussels, Paris or Frankfurt

Find your next job