Greylock Partners COO Tom Frangione stepped down at the firm’s request last month, after Greylock “learned of some behavior which would represent a significant lapse of judgment,” a Greylock spokeswoman said.

According to a person familiar with the situation, Mr. Frangione had an inappropriate relationship with an employee. 

In a statement, the spokeswoman said Mr. Frangione’s behavior was “inconsistent with our values” although she didn’t disclose specifics. She said Greylock had acted “with urgency.”