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Brad Garlinghouse

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Brad Garlinghouse
Born
Bradley Kent Garlinghouse

(1971-02-06) February 6, 1971 (age 53)
Topeka, Kansas
NationalityAmerican
Alma materUniversity of Kansas
Harvard Business School
OccupationCEO Ripple Labs (2015–)

Bradley Kent Garlinghouse (born February 4, 1971) is an American business executive and the CEO of Ripple Labs, a financial technology company specializing in blockchain and cryptocurrency solutions. Previously, he served as CEO and chairman of Hightail (formerly YouSendIt) and earlier in his career, he held executive roles at AOL and Yahoo!

He was born February 6, 1971, in Topeka, Kansas. Garlinghouse has a BA in economics from the University of Kansas and an MBA from Harvard Business School.[1][2]

Career

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Garlinghouse had early stints at @Home Network and as a GP at @Ventures before joining Dialpad as CEO from 2000 to 2001. From 2003 to 2008, he served as Senior Vice President at Yahoo! where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo! Messenger divisions.[3] While at Yahoo! he penned an internal memo known as the "Peanut Butter Manifesto,"[4][5] calling for the company to focus on its core business, rather than spreading itself too thin, like peanut butter.[6]

After Yahoo!, he served as a Senior Advisor at Silver Lake Partners,[5] and then went on to be President of Consumer Applications at AOL from 2009 to 2011. In April 2012, Garlinghouse joined the board of video startup Animoto.[5] He joined Hightail and served as its CEO until September 2014, leaving after a disagreement with the board regarding company direction.[7]

Garlinghouse joined Ripple as COO in April 2015, reporting to then CEO and co-founder Chris Larsen. He was promoted to CEO in December 2016.[8] In December 2019, Garlinghouse announced that Ripple had raised a $200M series C funding round from Tetragon, SBI Ventures and Route 66 Ventures.[9] In 2020 Garlinghouse admitted that Ripple Labs would be losing money if it did not have the revenue generated from the sales of the XRP cryptocurrency.[10]

In 2018 and 2019, Garlinghouse claimed on multiple occasions that the published error rate for SWIFT messaging was at least 6%.[11] This was shown to be untrue by research published by the London School of Economics Business Review that showed Garlinghouse's claims were based on misreading of a paper published by SWIFT that did not refer to error rates in messaging.[12]

The whitewashing of unflattering details from Garlinghouse's Wikipedia page was a subject of discussion by Financial Times in August 2020.[13]

On December 23, 2020, the U.S. Securities and Exchange Commission (SEC) issued a complaint alleging that Garlinghouse, Ripple Labs and Ripple Chairman Chris Larsen had committed multiple breaches of securities laws.[14][15] While the case was pending, Garlinghouse criticized the SEC's lack of clarity on the status of Ripple's products, referring to SEC chairman Gary Gensler as an autocrat and tweeting, that "without clear jurisdiction, ambiguity masquerades as power".[16] In July 2023, presiding judge Analisa Torres of the United States District Court for the Southern District of New York, held that the company's crypto token offering was "not a security", enabling the token to be relisted on exchanges.[17][18][19] In November 2023, the SEC dropped all claims against Garlinghouse and Larsen.[19]

References

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  1. ^ "Story Details – Alumni – Harvard Business School". www.alumni.hbs.edu. March 2011. Retrieved 2020-05-12.
  2. ^ "Brad K Garlinghouse, Ripple Labs Inc: Profile and Biography". Bloomberg.com.
  3. ^ Catone, Josh (13 September 2009). "Is Facebook Like Google, or More Like Yahoo?". Mashable. Retrieved 2020-05-12.
  4. ^ "Yahoo Memo: The 'Peanut Butter Manifesto'". The Wall Street Journal. November 18, 2006.
  5. ^ a b c "Now At 4M Users, Video Startup Animoto Adds Former Aol/Yahoo Exec Brad Garlinghouse To Board". TechCrunch. 10 April 2012. Retrieved 2020-04-18.
  6. ^ Delaney, Kevin J. (November 18, 2006). "As Yahoo Falters, Executive's Memo Calls for Overhaul '". The Wall Street Journal.
  7. ^ "Why brad garlinghouse left hightail". vox.com. 12 September 2014. Retrieved 2020-07-19.
  8. ^ "Brad Garlinghouse takes over as CEO of payments startup Ripple". TechCrunch. November 2016. Retrieved 2020-05-12.
  9. ^ "Ripple Raises $200 Million to Push Adoption of XRP Cryptocurrency". Fortune. Retrieved 2020-05-12.
  10. ^ "The art of redefining success, MoneyGram and Ripple edition". FT Alphaville. 28 February 2020. Retrieved 2020-04-25.
  11. ^ "Swiss National Bank (SNB) – Research TV". www.snb.ch. Retrieved 2020-04-25.[failed verification]
  12. ^ November 4th; 2019|Finance; FinTech; Information; Technology; Comments, LSE alumni|3 (2019-11-04). "Do six per cent of financial transactions sent via the Swift system really fail?". LSE Business Review. Retrieved 2020-04-25.{{cite web}}: CS1 maint: numeric names: authors list (link)
  13. ^ Kelly, Jemima (August 24, 2020). "Who's been editing the Ripple CEO's Wikipedia page?". Financial Times. Archived from the original on 2020-08-24. Retrieved 2020-10-18. [I]t's come to FT Alphaville's attention recently that some Wikipedia users — two in particular — have been repeatedly editing Ripple CEO Brad Garlinghouse's Wikipedia page to remove some less positive aspects of the entry. Specifically, these two users have been removing text under the "Controversies" section of the page, and one of them in fact removed the whole section entirely, before it was reinstated by a different Wikipedia editor
  14. ^ "Complaintagainst Defendants Ripple Labs, Inc. ("Ripple"), Bradley Garlinghouse ("Garlinghouse"),and Christian A. Larsen ("Larsen" and, with Ripple and Garlinghouse, "Defendants")". SEC. Retrieved 2020-12-23.
  15. ^ Popper, Nathaniel (22 December 2020). "Cryptocurrency Company Ripple Is Sued by S.E.C." The New York Times.
  16. ^ Benjamin Pimentel, "Ripple rips SEC boss as it braces for make-or-break ruling", San Francisco Examiner (April 6, 2023), p. A1.
  17. ^ Kharif, Olga; Miller, Matthew (July 14, 2023). "Ripple CEO Brad Garlinghouse Calls SEC a 'Bully' Fresh Off XRP Token Ruling" – via www.bloomberg.com.
  18. ^ Stempel, Jonathan (October 4, 2023). "US SEC cannot appeal Ripple Labs decision, judge rules" – via www.reuters.com.
  19. ^ a b "SEC drops claims against two Ripple Labs executives". CNBC. October 19, 2023.
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