Last week, Joost chairman Mike Volpi fired the CEO (himself) and announced the company would change its strategy (again).
Now, Mike is beaming back to one of Joost's VC motherships, Index Ventures, to become a venture partner.
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Congratulations, Mike!
Of course, Mike has been working for Index Ventures's interests for some time now.
In 2007, Index and Sequoia Capital invested $45 million in Joost back, hoping to turnaround the once-promising Web TV startup. In something of a package deal, the VCs installed Mike as CEO.
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Things didn't work out and last week, Joost laid-off 100 and announced plans to become a provider of back-end services to other video players.
