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CEO Fired for Breaking His Own Return-to-Office Rule
5 Jul
Summary
- Co-founder fired for not following company's return-to-office policy.
- The executive sued for $30 million after termination in 2022.
- He claims the policy was a pretext to remove him and seize his stake.
An $8 billion asset management firm co-founder faced termination in 2022 after defying the company's strict return-to-office mandate. William Nieporte, the chief compliance officer for Bramshill Investments, was fired by his co-owners for failing to report to the firm's Southern California offices, despite having issued an email to staff requiring a five-day in-office week. This policy was implemented to bring employees back after the 2020 pandemic.
Nieporte subsequently filed a lawsuit in May, seeking at least $30 million. He contends that the return-to-office policy was merely a pretext by his co-founders, Stephen Selver and Art DeGaetano, to force him out and seize his 12% ownership stake. His legal filing argues that the policy was intended for employees and not for ownership, therefore he "appropriately ignored the email."
Nieporte had reportedly moved to San Ramon, California, in 2017 with the co-founders' approval, but the filing claims they later attempted to buy him out. Despite a co-founder's remark about other employees commuting over an hour, Nieporte contested the validity of a termination notice he received, citing delivery requirements. He was fired before a 30-day window for resolution closed. A Bramshill spokesperson denied Nieporte's claims, asserting the legal process would vindicate the co-owners.
