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One month after relaunching xAd as GroundTruth, the CEO is leaving amid an ‘investigation’

Dipanshu Sharma left the company Monday.

LocationWorld 2016 - Day 1 Photo by Brian Ach/Getty Images for LocationWorld 2016

The CEO of an advertising company has resigned under mysterious circumstances just one month after what the leader promised would be a “major rebranding.”

Dipanshu “D” Sharma, the head of the ad tech startup GroundTruth, stepped down Monday “amid an investigation into allegations of violations of company policy,” according to a companywide email obtained by Recode.

Dipanshu Sharma, former GroundTruth CEO

The note, sent by Chief Financial Officer Stephen McCarthy, made sure to stress the departure was “in no way related to our company’s business performance.”

“GroundTruth takes any such allegations very seriously,” reads the email, which was sent Monday morning. “In accordance with company policy, the company instituted a prompt, thorough and objective investigation and will consider appropriate actions in the best interests of the company.”

The email didn’t outline the allegations or what the investigation would entail.

Sharma’s departure comes after the company changed its name in June from xAd at the Cannes Lions festival in France. Sharma said in a press release last month that its prior name was “too limiting” as it worked to expand beyond media advertising.

GroundTruth, which uses location data to customize the ads shown on mobile devices, has raised $115 million over the last 15 years, including a $42 million infusion last November.

McCarthy was pressed by multiple “stunned and silent” GroundTruth employees for details about Sharma’s departure at a companywide Monday meeting, but their responses were described as cagey and “vague,” according to one source.

GroundTruth said it did not have any immediate comment. And Sharma did not immediately respond to a request for comment.

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