The interim CEO of embattled microbiome startup Ubiome has stepped down after only two months on the job, The Wall Street Journal reports. On Sunday, a UBiome board committee sent a letter to shareholders disclosing that interim CEO John Rakow would be stepping down, with three directors from the consulting firm Goldin Associates taking over leadership of the company, the Journal said.
The management shakeup is the most recent development in Ubiome’s ongoing troubles. In late April, the company’s San Francisco headquarters were raided by the FBI as a part of an investigation into allegations that the company misrepresented its billing practices to customers. Ubiome’s co-founders Jessica Richman and Zachary Apte were suspended after the FBI investigation, and have now permanently resigned from their roles at the company, according to the letter cited by the WSJ.
Another report from Business Insider revealed that the two co-founders were engaged in a romantic relationship, and that Ms. Richman had repeatedly misrepresented her age in the media. Ubiome, which was last valued at $600 million by investors, has received backing from high profile firms like 8VC, Y Combinator and DNA Capital. The investigation into Ubiome’s billing practices is ongoing.