Viddy, a Los Angeles startup that has been described as the Instagram of video, has fired chief executive Brett O'Brien and is now looking for his replacement.
The 42-million-member mobile video social network said O'Brien, who co-founded the company and helped raise $30 million in financing last April, will no longer be involved in day-to-day operations. He'll remain on the company's board, however.
"He was great for the first phase of the company, but companies grow and needs change," a Viddy spokesperson told the Times Tuesday.
Viddy, which lets users create and share 15-second videos, denied rumors that it decided to drop O'Brien because he had turned down an acquisition offer from Twitter. Viddy said it never received an offer from Twitter.