Mike Cagney, chief executive officer and co-founder of San Francisco-based financial technology startup Social Finance Inc., SoFi, is stepping down from his position following sexual harassment allegations.

Cagney, 46, is accused of having “inappropriate relationships with SoFi employees” that apparently “helped foment a toxic workplace culture,” according to the New York Times. Translated into English, it would appear that Cagney was sleeping with one of his employees, then broke up with said employee.

In addition to the sexual harassment claims, Cagney is also accused of being “overaggressive in expanding SoFi’s business, skirting risk and compliance controls,” which could describe any tech startup founder trying to grow a business but apparently is also bad in 2017.

In a blog post, Cagney wrote that the sexual harassment litigation, combined with negative press was a distraction for the venture capital-backed firm, adding that his decision to step down from his position was to allow SoFi to focus on helping its members, hiring the best people, and growing the company in a way consistent with its values. “That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you,” he noted.

SoFi joins the likes of Uber Technologies Inc. and VC firm Binary Capital in losing key staff thanks to sexual harassment allegations. Uber CEO Travis Kalanick was forced to resign from the company he co-founded in June following a shareholder revolt that was in part caused by ongoing allegations of sexual harassment and related anti-female practices at the company, that eventually also saw the firing of 20 employees. Binary Capital co-founder Justin Caldbeck was forced to resign after multiple allegations of sexual harassment, including claims that he was too hands on with his employees, more specifically that he inappropriately groped female employees of the firm at social functions.

Cagney is not leaving the company immediately but instead will step down from his role as CEO at the end of the year. He has, however, immediately resigned from his role of SoFi executive chairman.

Photo: SoFi