Early-stage investor Yazam has apparently suffered a severe management shake-up in which CEO Yaacov Ben-Yaacov and President Phil Garfinkle have resigned their posts.
Calls to the company have, thus far, been unsuccessful as no one is picking up the line. Private Equity Week did contact Yazam public relations firm Gregory Communications Inc., although they offered no reason for the decision. Gregory Communications was recently acquired by Yazam.
Representatives at the PR firm did say, however, that official details would be released sometime this afternoon.
Yazam — which has gained recent notoriety for its continued investments in Israel and partnership with First Tuesday — lists such private equity industry heavyweights J.P. Morgan, Merril Lynch and Texas Pacific Group among its financial backers.
One interesting side note is that Private Equity Week has, thus far, contacted at least two Yazam portfolio companies, neither of which had heard the news.
“I absolutely hadn’t heard of that yet,” said Richard Edgar, chief financial officer of Charmed Technology Inc. “It would be too bad because we consider Phil [Garfinkle] to be a friend.”
Lawrence Goldfarb, vice president of value-added services with online steel industry marketplace CoreMarkets, said he too was unaware of any problems. When asked if it would affect his firm’s relationship with Yazam, he said he did not see why it would.
“I’m not sure what happened over there,” he said.
Private Equity Week will follow this story and provide more information when it becomes available.