Partner from Root’s largest investor steps down from board
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COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — A partner from the largest stockholder in Root Inc. has resigned from the digital insurer’s board of directors.
Nick Shalek, general partner at Ribbit Capital, informed the company of his immediate departure Nov. 21, according to a regulatory filing, which said the reason was to focus on other Ribbit investments. He had been a director since 2017, the filing said. Ribbit first invested in a round that closed in March 2018.
“Nick has been a fantastic partner and has helped us scale and build – and he’s been a tremendously supportive investor,” Root co-founder and CEO Alex Timm said in a statement. “We recognize that private equity firms often don’t stay on public boards, and we’re grateful for his years of service on ours.”
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