• OpenWeb's board ousted the company's founder and CEO, Nadav Shoval, earlier this year.
• In his first interview since his removal, he said his situation is a cautionary tale for other founders.
• A legal battle between Shoval and OpenWeb is ongoing in an Israeli court.

Nadav Shoval says the conflict that culminated in his dramatic ouster from OpenWeb, the company he cofounded, started with a disagreement over a prospective BlackRock investment.

In his first interview since his removal as CEO, which is still playing out in court, Shoval told Business Insider that tensions with OpenWeb's board bubbled up when the company received "several term sheets" for further investment in mid-2024, including an offer from BlackRock.

OpenWeb, which provides tech to publishers to help manage the comment sections of their sites, create newsletters, and sell advertising, had previously raised $392 million and was last valued at $1.5 billion.

BlackRock's capital infusion, Shoval said, would have been a "game changer," allowing the company to make its fourth acquisition and advance toward an initial public offering. But it hit a roadblock.

"We brought in some of the best bankers in the world to support the process, and everybody was very excited until we started to see that one of the board members, specifically, one of the funds, was really pushing against taking this money," Shoval said, without naming the fund.

Two people familiar with the discussions said some board members had concerns about the conditions tied to BlackRock's proposed investment. They asked for anonymity to discuss private conversations. Their identities are known to BI.

BlackRock declined to comment.

OpenWeb's big-name investors include Insight Partners and Georgian Partners. It has also attracted investments from Samsung's Next investment group, The New York Times, and the famed NYU Stern professor and podcaster Scott Galloway, who sits on the company's board.

Shoval's relationship with his board of directors went rapidly downhill from there — and was thrust into public view.

Shoval's messy battle with the board goes public

Tensions boiled over in mid-2024 when OpenWeb's board changed Shoval's reporting line, a move he felt breached his contract. He sent an ultimatum to reverse the change to the board, which responded by firing him.

Then the company announced to staffers that Shoval would be replaced with an interim CEO, OpenWeb's former chair Tim Harvey.

Shoval went on a rampage.

Cut off from his business accounts, he used his personal Gmail to send a companywide email saying that he refused to step down.

He also took to LinkedIn, writing: "I do not accept these actions. I will continue to fight for OpenWeb's mission and purpose alongside our team."

Two former colleagues of Shoval and four people who have worked closely with him described him as a force of nature who's extremely passionate about the publishing industry. They said he could also be hotheaded and sometimes lacked the willingness to listen to others, including the board. They declined to be named to protect business relationships. Their identities are known to BI.

In October, Shoval sued OpenWeb and many of its board members in a Tel Aviv, Israel, court, alleging he had been the victim of an illegal boardroom coup enacted so investors could seize control of the company. His complaint argued that he should be reinstated as CEO and able to appoint two new board directors of his choosing.

The litigation is ongoing, and OpenWeb is seeking to have the case dismissed. BI has reviewed copies of some of the related court filings, translated from Hebrew to English.

In denying Shoval's claim for a temporary injunction against his firing, Ariel Zimmerman, the Tel Aviv judge presiding over that case, said the chances of Shoval succeeding in his claim for reinstatement as CEO "do not appear promising, to say the least."

In response to Shoval's suit, OpenWeb said in court filings that the case was a classic situation in which the board of directors had lost confidence in its CEO. OpenWeb said Shoval was trying to extract money that was not owed to him and that he had chosen to give up control of the company when he brought in investors.

In a statement to BI, a spokesperson for OpenWeb said the company was excited about the steps it had taken to set it up for long-term success.

"The company is moving forward without distractions, fully committed to the success of our employees, partners, and the broader community we serve," the statement said.

Shoval told BI he's optimistic that "justice will come" as he continues his legal fight. He said he hoped his story would serve as a lesson to other founders to vet the funds and directors they work with closely.

"No one wants to see the behind the scenes of restaurants," Shoval said. "This is what I feel like I've seen about the VC industry."

Shoval's path to the New York startup scene

Shoval said he's used to defying the odds.

He often describes how he came close to death when he was 2 years old from Kawasaki disease, a rare condition that causes swelling of the blood vessels and can lead to heart problems.

The disease, Shoval said, affected his motor skills, making it difficult to write. He later struggled with dyslexia and didn't finish high school.

After serving in the Israel Defense Forces' elite Maglan commando unit — famed for going behind enemy lines — he moved to New York City in 2012 at the age of 21. There he cofounded OpenWeb, then known as Spot.IM, alongside two other cofounders who have since left the company.

Shoval said he had noticed that publishers and content creators were "under massive threat" from Big Tech companies that wouldn't compensate them for their content.

The startup sought to build tech to keep people more engaged on publishers' websites. It began with the comment section, providing community-management tools and analytics to help make online conversations less toxic. It later acquired three other companies to help publishers in other areas, like advertising and newsletter building.

OpenWeb grew to more than 370 employees and says it reaches more than 150 million active monthly users across sites such as Fox News, CNN, and Yahoo.

Through secondary transactions, as OpenWeb raised more capital, Shoval diluted his stake in the company, leaving him with less than 2% of issued shares and a remaining 5% in unvested options, per OpenWeb's legal filings.

The sales, which OpenWeb calculated earned Shoval tens of millions of dollars, resulted in him ceding his control of the company to its investors.

The board calls Shoval's bluff

Shoval said in legal filings that OpenWeb's sudden decision in mid-2024 to change his reporting line was an illegal move that hindered his management capabilities and diminished his role. The board had decided he would start reporting to a newly appointed temporary executive chair, Omer Cygler, the managing partner of its investor Lion Investment. Shoval had previously reported to the entire board.

Furious, he sent a letter in September to the board demanding it reverse the decision.

OpenWeb's legal filing said Shoval's letter had also set out "excessive and baseless financial demands" amounting to tens of millions of dollars in exchange for his continued appointment as its chief executive. In an attachment to his letter, Shoval mapped out a scenario where he would resign as CEO and help with the search for a replacement until summer 2025, on the condition that the investors bought his shares and accelerated the vesting of his options.

The board called his bluff.

Board members convened an urgent telephone meeting in which the directors who attended, including those appointed by Shoval himself — Galloway and Cygler — unanimously voted for his dismissal.

In the statement to BI, OpenWeb said: "OpenWeb is laser-focused on continued growth and advancing our mission to foster healthier online discourse — creating a web that is safe for users, profitable for publishers, and fair for advertisers."

Shoval says his ousting is a cautionary tale for other startup founders

Looking forward, Shoval told BI he remained committed to fixing toxicity in online discourse and promoting independent journalism.

Shoval didn't start the company "for a small secondary," he said, referring to money he might have taken off the table were the company to raise a further investment round. "It's not a nonprofit. I'm here also for everybody to make money, but it's not the only reason why I started the business. I'm an extremely mission-driven person. I love what we do."

Shoval maintains that OpenWeb board meetings and decisions were conducted improperly and that he still has the right to appoint two new board directors of his choosing.

He said that he wanted to impart a lesson to other founders: There can be some occasions in startups when "there is inherent conflict between the fund and the founder."

After the huge investment boom of 2021 amid a stock-market rally and low interest rates, many startup valuations plunged in the following years, and IPO and M&A activity dramatically slowed.

"When those funds are successful, they act like a cheerleader," Shoval said. "They agree with you. They follow your strategy. As soon as market conditions change — and it really, really changed — some of those people change."

• Some of Silicon Valley's biggest names are in their tech bro era.
• It wasn't always like this — many Big Tech CEOs have shed more nerdy personas from their startup days.
• Here's a look at tech's most influential executives then and now.

Mark Zuckerberg isn't the only tech CEO whose style evolved over the years.

Other Big Tech leaders have significantly changed up their looks since starting their companies; some are nearly unrecognizable (remember the Jeff-Bezos-is-jacked memes?)

Here's a look at the style transformations of some of tech's biggest names:

Jeff Bezos

Bezos founded Amazon from his garage in Bellevue, Washington, in 1994. Decades later, gone are the photoshoots where he's posing with a softcover while looking bookish.

Now, he's gained pounds of muscle and changed his clothing style. He attributes his new look partly to working out with a celebrity personal trainer and changing his diet.

Mark Zuckerberg

Meta CEO Mark Zuckerberg started Facebook from his dorm room at Harvard in 2004.

Zuck, who famously wore the same thing every day to save brainpower for more important decisions, has said goodbye to that era. Instead, Zuck can now be seen sporting graphic tees and chain necklaces.

Like Bezos, he's also gotten more fit. Part of Zuckerberg's physical transformation stems from hobbies like Brazilian jiu-jitsu and MMA fighting.

Michael Dell

Dell is another member of the college dropouts-turned-tech founders club. He started his company while still enrolled at the University of Texas at Austin.

While you probably won't catch him rocking a t-shirt to a professional event, he's appeared to prefer to drop the glasses since then.

Larry Page and Sergey Brin

Larry Page and Sergey Brin founded Google in 1998. They met as students at Stanford and built Google from a garage they rented from the late Susan Wojcicki, who was later YouTube's CEO.

Elon Musk

The photo at left shows Musk in 1999, around the time the "PayPal mafia" was formed.

Musk has said he doesn't care for exercise and "almost never" works out, though he's credited fasting and the weight loss drug Wegovy with his appearance today.

Bill Gates

Gates and the late Paul Allen cofounded Microsoft from a garage in Albuquerque, New Mexico, in 1975.

Gates left Microsoft's board in 2020 and today spends more of his time focused on the philanthropic foundation he started with his now-ex-wife, Melinda French Gates.

Half a century later, he's still rocking glasses — with some different frames.

Jack Dorsey

Twitter was founded in 2006. Cofounder Jack Dorsey has been seen with a full beard pretty regularly since departing as CEO and focusing his efforts more on cryptocurrency at Block, formerly Square.

Richard Branson

Richard Branson started the Virgin brand in 1970 with a mail-order record business.

At 73 years old today, Branson's day-to-day life still features plenty of exercise, from tennis and cycling to kite-surfing. As such, he's usually sporting a tan.

Jack Ma

Alibaba Group founder Jack Ma disappeared from public view in 2020 after criticizing China's financial regulation system.

He resurfaced in Thailand in 2022 and has been teaching as a visiting professor at the University of Tokyo.

Anne Wojcicki

Anne Wojcicki cofounded genetic testing company 23andMe in 2006. She is the younger sister of late former YouTube CEO Susan Wojcicki.

Whitney Wolfe Herd

Whitney Wolfe Herd co-founded Tinder before founding Bumble in 2014. She stepped down as CEO of the dating app last year.

Herd became the youngest self-made female billionaire in the world on the heels of Bumble's IPO.

The entrepreneur currently serves as executive chairman on Bumble's board of directors.

Evan Spiegel

Evan Spiegel co-founded Snap, which owns services like Snapchat, in 2011. The company's success made him the world's youngest billionaire in 2015, when he was 25.

While he'll often suit up or don a tux when attending a more formal event with his wife, Miranda Kerr, he's often seen in a white or black t-shirt and jeans.

Reed Hastings

Reed Hastings and Marc Randolph cofounded Netflix in 1997 as a DVD-by-mail service provider before it would become the streaming giant it is today. Hastings gave up the CEO title in January 2023, though he still serves as board chairman.

More recently, you can catch him in snowboarding attire after he bought a ski mountain in Utah.

Sam Altman

Altman is best known as the CEO of ChatGPT maker OpenAI, but his first startup was Loopt, a mobile service that allowed for real-time location sharing with friends.

The picture at left shows him in those days, circa 2006. In 2008, he was sporting two polo shirts with a double-popped collar on stage at Apple's WWDC conference. 15 years later, however, he's worn a tuxedo to the White House while continuing to keep it casual during interviews with more casual looks too.

The first Yeti coolers arrived in America in the spring of 2008. They had spent weeks at sea, traveling from a factory in the Philippines to a leased warehouse in the hills south of Austin, Texas. Molded from a single piece of plastic, the coolers were porcelain white, with two black latches that gave them the rugged, field-ready look of an old Willys Jeep.

The 65-quart model of the cooler, the Yeti Tundra, was three times sturdier than lesser brands, and retailed for around $300. If you put a block of ice in one on a Monday, the payload would still be cold that Friday. Stout enough to withstand the prying jaws of a grizzly bear, the Tundra also looked right at home in your backyard on game day, a couple dozen Lone Star beers up to their necks in slush. It was perhaps the greatest ice box in the history of humankind.

Demand for the Tundra quickly exceeded expectations. Before long, a shipping container's worth of the coolers was arriving from the Philippines every week.

Two years had passed since Roy and Ryan Seiders (pronounced SEE-ders) launched Yeti out of their father's backyard, just a few miles down the road from the warehouse. Roy, 31 and fresh out of business school, was the company's pioneer with a passion for product development. Ryan, three years older, was the outdoorsman of the family. Scruffy and charming, he made the rounds at hunting and fishing shows, and lent Yeti its backwoods authenticity.

But the Seiders brothers didn't create the Tundra alone. They borrowed design tricks and styling from the best coolers on the market. And they brought it all together with the help of a collaborator who seldom makes an appearance in the company's legend — Ivan Royal Brown, a gifted Australian designer who produced the Yetis at his Outback Five Star factory in the Philippines. During those early months of 2008, Roy and Ivan spoke daily, working out the kinks in the new cooler and fine-tuning its manufacture on the fly.

One day that September, Roy emailed Ivan a question. When he didn't receive an immediate response, he grew concerned. "It wasn't like him," Roy recalls. He eventually managed to get in touch with Ivan's new wife, Gloria, who broke the shocking news: Ivan had been murdered, she said, shot four times while driving home from the factory.

Roy put down the phone and felt sick to his stomach. Not only had he lost his friend and mentor, but the future of his new company was now in jeopardy. "We didn't have a whole lot of confidence that we could move forward without him," he recalls.

As the brothers grappled with the fallout from the tragedy, things grew even more dire. Ivan had died without a will, and it wasn't clear who was in charge at the factory, putting the entire production line in jeopardy. Six months after Yeti's launch, it looked as though the cooler would vanish from store shelves just as suddenly as it had arrived.

Today, Yeti is worth $3.5 billion. This is the untold chapter of one of the great success stories in American business, and how it was very nearly stopped in its tracks.

Cold things don't stay cold for long in the Texas Hill Country. Summer here begins in April, when porch thermometers hit the 90s. For the next six months, you could fry a tortilla on your dashboard and dip it in the hot queso in your cup holder. If you're out working in that heat, all you can think about is your next ice-cold drink.

At the Seiders' home in Driftwood, 20 miles southwest of Austin, Roger — the family's 79-year-old patriarch — keeps a refrigerator out back stocked with cold drinks for the UPS drivers when they stop by with a delivery. "They can have anything they want, except for beer," Roger tells me one afternoon as we rock in a swinging chair, watching a parched driver make his way to the fridge. That's Texas hospitality for you. It's something Roger always tried to instill in his four kids, including Ryan and Roy.

The brothers were Texans before the state of Texas existed. Eight generations later, their name still means something to old-timers. "When they decide to build something, it's top shelf, the best you can get," says Jay McBride, who runs the fishing department at McBride's Guns, an Austin institution since 1960.

Back in 1977, when Roger was working as a high school shop instructor, his search for a flexible epoxy finish that wouldn't crack on his fishing rods led him to start his own business. Today, Flex Coat sells up to $1 million of product each year. "I never dreamed it would be so big," he says.

Just like their old man, Ryan and Roy loved to brainstorm ways to improve the products they depended upon. After Ryan graduated from Texas A&M in 1996 with a degree in wildlife management, he started a specialty fishing rod company, Waterloo Rods, in Roger's backyard shop. The 10-foot Launcher could fling a line over 100 yards, while the Scrape Rod was tough enough for fishing in thick grass. Fishing celebrities like Flip Pallot, host of "The Walker's Cay Chronicles" on ESPN, would phone Ryan up for gear advice and invite him out turkey hunting.

After Roy completed his degree in management information systems at Texas Tech, he, too, returned to the Austin area determined to follow in his father's footsteps. "I had this passion for wanting to do something on my own like my dad," he tells me. "I knew I wanted to start my own business." He loved being out on his boat, and he became preoccupied with designing a cooler that could double as a casting platform — one durable enough to withstand his adrenaline-charged style of fishing.

The best coolers on the market came from Australia, where packing up the Land Rover and "going bush" was a national pastime. While American coolers were typically manufactured by injecting melted plastic into a static mold, high-end Australian coolers — "eskies" in Aussi slang — deployed a technique called rotational molding, which produced stronger coolers with more complex designs and fewer material flaws.

The closest approximation to an eskie you could find in American stores was the Icey-Tek. Roy tracked down the man who was importing them from Thailand and suggested they team up. But he wound up being more impressed with the cooler than with his new business partner. So he decided to partner with Ryan and strike his own import deal with the producers of Icey-Tek. Ryan invested $130,000, and the brothers shared an email address and a single desk. To brand their cooler, they looked for a name that would evoke a harsh terrain — and that would look good on a hat or a T-shirt.

Yeti, they would call it — as in the Himalayan ice monster. "We may not have found the Yeti," they wrote on their website, "but we make a really great ice-chest."

And it was a great ice chest. But it was a far cry from perfect. The original Yeti, which the brothers called the Roughneck, was boxy and utilitarian. The sharp corners were no fun to bang a knee on. Some of the coolers had a puzzling red stain on the bottom.

That's when Ivan Brown entered the picture.

In 2006, the Seiders brothers traveled to Thailand to see the production of their coolers up close. The disappointing results suddenly made sense. Production was sloppy and haphazard. Workers at the factory were plopping fresh coolers onto the red dirt floor, which explained the stains.

As the brothers tried to figure out how to fix the problem, the name they kept coming back to was Ivan, an Aussie designer whose work was a cut above everyone else they knew. From his factory in the Philippines, he could manufacture a cooler or a kayak or a truck camper shell at a fraction of what it would cost in America. So Roy and Ryan set up a meeting and hopped on a flight from Bangkok to Manilla. Within hours they were in a car with Ivan, driving south toward his factory in Angeles City.

After the factory tour in Thailand, Ivan's production line was a welcome sight. Cement floors meant no more red stains. Like the Roughneck, Ivan's Downunder coolers were constructed from a single piece of plastic, for strength. But they also had rounded-off corners and other thoughtful features, such as rubber feet to prevent them from sliding on a boat deck and a removable basket to keep food from getting wet.

What's more, Roy and Ryan recognized a kindred spirit. Ivan was the kind of guy who enjoyed being outdoors, and he wanted to make stuff that worked, stuff you could pass on to your kids. And, like Yeti, his was a family business.

Ivan had been in his 50s when he decamped for the Philippines, seeking a new start. Back in Australia, he had launched a business manufacturing auto accessories, including fiberglass tops for trucks. "He was a risk-taker," recalls his first wife, Suzanne Handley. His self-confidence only grew when he obtained a patent for a flip-up sunroof he had created, which would go on to receive a prestigious Australian design award.

The problem was, Ivan had a habit of living beyond his means. He had a thing for flashy watches and nice restaurants. "The more you earn, the more you need," he liked to tell his eldest daughter, Clare. He ran up so many debts that tax collectors and creditors spent years pursuing him in Queensland courts. "He was a terrific designer, but hopeless in business," says Malcolm, Ivan's younger brother.

Like Roy and Ryan, Ivan and Malcolm were tight. Malcolm, who made a small fortune in trucking, supported Ivan through the lean times. The two brothers bought homes facing each other at a marina on the outskirts of Brisbane. "I could look into his kitchen," Malcolm says.

Amid his financial troubles, Ivan's marriage to Suzanne disintegrated, and the separation left a wedge between him and his daughters. The Philippines, which had a thriving Australian expat community and generous tax benefits for foreign entrepreneurs, offered a chance to start over.

But it was also a dangerous place to do business. The murder rate was four times greater than in Australia, and it was said that a killer could be hired for as little as $500. Filipino police and prosecutors tended to favor the well-connected, and many expats opted to live in gated communities under 24-hour security.

Ivan convinced Malcolm to join him. Divorced and bored with life in Queensland, Malcolm jumped at the chance for an adventure — and, perhaps, to make another fortune. In 1999, the brothers signed the papers establishing Outback Five Star. The company's articles of incorporation listed Ivan as president and Malcolm as vice president. Each received an equal share in the venture, splitting 99.2% of the stock.

Malcolm signed the lease on Outback's factory, a long metal building with a peaked roof. It was located at the Clark Freeport, a former US military base in Angeles City that had been transformed into a tax-free zone.

But the company struggled to survive. From 2004 to 2006, according to financial records, it lost nearly $150,000. "Every dollar Ivan earned, he spent two," Malcolm recalls. "It got so tight that we were making cello cases to survive." Since Ivan was essentially bankrupt, Malcolm had to tap his personal funds to cover payroll and buy equipment.

By the time the two brothers from Texas showed up on Outback's factory floor, the two brothers from Australia were barely scraping by.

On that initial visit, the straight-laced Seiders brothers weren't exactly taken with Angeles City. As much as Roy enjoyed Ivan's company, he was grateful Ryan was with him. "I was not about to go to the Philippines by myself," he recalls. Angeles City was the Wild East, the vice capital of the Philippines, a dizzying wonderland where you always had to be looking over your shoulder.

Malcolm could see how uncomfortable Roy and Ryan were one humid evening when Ivan took them out to the Tom Cat, a seedy nightclub Malcolm owned on a neon-lit street known as "Blow Row." Like many expat hangouts, the Tom Cat swarmed with bikini-clad girls and white-haired men. Foreigners looking for sex would pay $20 to escort girls to a more intimate setting, where further transactions might ensue.

Malcolm isn't shy about admitting that profits from the sex trade helped keep Outback afloat. He insists that the girls at his bars were of age and there of their own free will, but stories of sex trafficking are common in the Philippines. "Everybody portrays it as a sleazy business," Malcolm says. "But I looked at it as the matchmaking business."

According to Malcolm and other family members, it was under such circumstances that Ivan met his future wife, Gloria. In October 1998, Malcolm was celebrating his 48th birthday at the Firehouse, a bar in Manila's red-light district. Gloria, then a single mother, was there that night. Ivan bought Gloria a drink and, by Malcolm's telling, took her to Swagman's, an Australian-themed hotel nearby, where they spent the night.

To those who witnessed their courtship, there was no doubt that Ivan was enamored of Gloria. "She was the only girl I ever saw him with," says Bryan Hammer, an American businessman who assisted Ivan and Malcolm in establishing Outback. But Hammer wondered if the feeling was mutual. "She was mean to him, even in public."

As Ivan and Gloria's relationship developed, she became increasingly entwined in his business. Under Philippine law, the role of corporate secretary at a foreign company must be filled by a Filipino. By the time Roy and Ryan Seiders showed up, Gloria had taken on that role at Outback, giving her the power to review and sign off on the company's financial records. Her influence expanded further when Ivan decided to buy a home. Since foreigners couldn't buy property, it would need to be in Gloria's name. So Ivan asked Malcolm to temporarily transfer his half of the company to Gloria, effectively padding her assets so she could qualify for a mortgage.

The details of what happened next are murky. Over the next six months, a confusing game of musical chairs ensued. In addition to Gloria's recently acquired shares, three members of her family — her daughter, her future son-in-law, and her half-sister — were awarded positions as dummy shareholders in the company. In the process, Gloria went from owning less than 1% of Outback's stock to controlling a majority of the company.

In 2008, in the midst of all the stock reshuffling, Ivan and Gloria surprised their friends when an ordinary party was revealed to be their nuptials. After nine years together, they were at last husband and wife.

But a few weeks after the wedding, Outback's fortunes took another turn. Ivan evidently hadn't known about the stock transfers until his accountant brought them to his attention — and he wasn't happy about it. On May 2, 2008, he wrote the Philippines Securities and Exchange Commission: "This is to inform you that GLORIA F. BROWN has resigned as Corporate Secretary." Malcolm reclaimed his shares in the company and his title as vice president. The remaining dummy shares were transferred to three members of Malcolm's extended family. Gloria was left with nothing in her own name, apart from her joint assets through marriage.

In late 2007, a few months before Ivan and Gloria's wedding, the Seiders brothers had returned to Angeles City, where they spent 10 days at Outback's headquarters. As monsoon rains pounded on the factory roof, Ivan and Roy hustled back and forth between the office and the production floor where the workers would fabricate prototypes out of Bondo putty and fiberglass. "These guys are artists," Roy says. "It was a ton of fun."

Ivan showed them how he had improved the design of his Downunder cooler. He had bulked up the foam insulation, given it a leak-proof drain plug, integrated the hinge to make it more robust, and added a freezer-style gasket for a better seal. Roy and Ryan incorporated those same ideas into the Tundra. They also borrowed the contours from Ivan's line of fiberglass coolers and extended the hinge to stretch the full length of the back of the cooler. "For whatever reason, I just liked that look," Roy says.

Some of the old Icey-Tek features, including the rope handles and tie-down slots on the base of the cooler, also made it into the new design. "That was a big deal," Roy says. "Being able to strap your cooler down and still open and close the lid." All the tinkering reminded him of the projects he had worked on in his father's workshop, but on a much larger scale. "After four years being in the cooler business, I had all these ideas built up in my head about what makes a perfect cooler," Roy recalls. "I saw this opportunity to build a cooler from the ground up."

The collaboration also worked out well for Ivan. By the time the Tundras started popping out of their molds in April 2008, he was on the path to financial success. Outback, which employed some 150 workers, soon hit $1.5 million in sales, with another half million in assets. "He was turning a corner and starting to make money," Malcolm says.

On the afternoon of September 23, 2008, Ivan left work and climbed into his forest green Toyota Land Cruiser. The sky was hazy and rain droplets flecked against the windshield as Ivan crossed the two-lane Friendship Bridge and neared his turn-off to his home. Suddenly, a Honda motorbike zipped up along his left side, as if to pass. There were two men on the bike, their faces hidden by helmets.

The rider in back raised a 45-caliber handgun and fired at least four shots through the window of Ivan's Land Cruiser. The car veered off the road and rear-ended another motorcycle, sending its driver tumbling onto the ground, before slamming into the wall of the Serra Monte Lodge, an establishment that rents rooms by the hour. Ivan slumped in his seat. Blood pooled in his mouth and soaked into the fabric of his plaid shirt.

Malcolm, who lived in the same gated community as Ivan and Gloria, was at home when a friend called to say that a green Land Cruiser had been in an accident on the main road. Malcolm rushed over to his brother's house, but no one answered the door. He was getting ready to drive to the scene of the accident when Gloria appeared. Ivan had already been taken to the mortuary, she told him. Together, they drove off to see Ivan's body.

The next morning, Malcolm got to the factory at around seven. As vice president, he felt he had to assume the reins at Outback. He told the employees to go home until Ivan's affairs were sorted, and left.

But within the hour, Gloria arrived and announced that she was in charge. She countermanded Malcolm's decision: The factory, she said, would stay open. "I asked Gloria what gave her the right to say this," Malcolm said in a statement prepared for legal filings. Gloria responded that she was now the president and major shareholder.

That afternoon, after meeting with his lawyer, Malcolm returned to the factory with his son and placed a padlock on the factory's gate. But the next time they came back, the lock had been cut. An armed guard pointed a gun at Malcolm and his son and ordered them to leave.

As Gloria and Malcolm battled for control of the company, production ground to a halt. Outback's accounts were frozen, and employees could not be paid.

Gloria appealed to the bank to grant her full access to the company's funds. "My husband, Ivan Brown, had long speculated on his fate (he was brutally murdered by still unknown assailants)," she wrote. "He indeed made sure that the corporation's papers are in order and that I can easily take charge of its operations. Unfortunately, greed and opportunity prevailed over the mind of Mr. Malcolm Brown and his cohorts." (Gloria and Outback did not respond to multiple requests for comment.)

Eight thousand miles away in Texas, the Seiders brothers had begun a frantic search for alternative suppliers, hopping on planes and visiting other factories. Their business had just gotten off the ground, and suddenly its entire future was at risk. But given their relationship with Ivan, they were still hoping they could stick with Outback.

"If the factory cannot supply soon, Yeti will lose US market share and it will be almost impossible to recover," they emailed Malcolm. "If this fight continues it will inevitably get tied up in Philippine courts for many more weeks if not months and therefore everybody loses. Could you help us by temporarily allowing the factory to resume production while resolving ownership?"

Malcolm was incensed. "Ivan was murdered for greed," he replied. "I will continue to fight for what he would have wanted me to do… You guys are more than welcome to find alternative suppliers for your market if you wish to do so."

"We too have a strong feeling for finding justice for Ivan," the brothers wrote back. "But also, continuing the successful manufacturing business that he has started."

From the start, police considered Ivan's killing a textbook murder-for-hire. But without a murder weapon or any forensic evidence, they had little to go on. The most promising lead came after Malcolm offered a $20,000 reward for information leading to an arrest.

A cigarette vendor came forward, claiming to have seen the trigger man before he put his helmet on. According to police, when the vendor was shown a book of criminals known as the "Rogue's Gallery," he picked out a Maoist guerrilla named Alvin Salas, suspected to be a member of a "gun-for-hire" gang. That October, the Northern Philippine Times reported that police had filed murder charges against Salas — and Gloria.

"We have circumstantial evidence against somebody whom we suspect to be the mastermind," announced Pierre Bucsit, the local police chief. "The capture of the suspected gunman will complete our investigation toward arresting the author of the crime."

But the case quickly fell apart. When a police investigator named Romeo Amarillo had first showed up at the factory, he found Gloria to be defensive and uncooperative. But any link to her was purely circumstantial. Prosecutors ultimately dismissed the charges against Gloria due to insufficient evidence. Until the police found Salas, whose connection to the crime was limited to the single eyewitness, they had nothing else to go on. That hope vanished in October 2014, when Salas was killed in a police shootout.

Whoever murdered Ivan, it's clear who benefited the most from his death. Ivan didn't have a will, which under Philippine law meant his estate would likely be shared by Gloria and his two daughters from his first marriage. In a court filing, Gloria wrote that Ivan's shares were being "settled among his heirs." But Ivan's daughter Clare told me that neither she nor her sister received anything from their father's estate. "I got nothing," she says.

Gloria also moved quickly to take control of Ivan's company. A week after he was killed, she submitted a document to the securities commission claiming that an unscheduled meeting of Outback's officers and shareholders had taken place in mid-August, a little over a month before Ivan's murder. Malcolm, who was still listed as a board member, was not notified of the meeting. According to the document, Ivan had given himself control of 80.8% of Outback's stock, and Gloria now owned 18%. That left Malcolm with just 2,000 shares — a fraction of a percent of the company. The new board, composed largely of Gloria's relatives, unanimously named her as president, and her daughter as vice president.

Malcolm filed a complaint against Gloria with the prosecutor's office, claiming she had forged the document. Nathaniel Colobong, Ivan's longtime accountant, is listed in the papers as the company's external auditor. But he tells me that he was unaware of Ivan making any of the stock transfers Gloria claims he made. In fact, he told investigators that Gloria had "started to get angry with her husband" after she had been stripped of her shares earlier that year. But Colobong was unwilling to testify. "I was also afraid for my life," he says.

Regulators accepted Gloria's version of events, and the lead prosecutor in the forgery case ultimately declined to bring the charges against her. The relevant documents, he tells me, were destroyed during a typhoon. According to Outback's subsequent filings, Gloria now controls 99.6% of the company's stock.

For the first year after Ivan's death, Malcolm remained in the Philippines, protected around the clock by armed guards. Eventually he gave up the fight and returned to Australia. His biggest mistake, he tells me, was putting his faith in the Philippine justice system. "You and I come from countries where you get justice," he says. "If I had to do it over again, I would have had her shot. I'd do the same thing to her that she did to my brother."

After Ivan's murder, some of Outback's clients sided with Malcolm and refused to do business with the company. "We decided not to place any further orders due to the rumors and uncertainty of dealing with Gloria," recalls Terry Tate, a former buyer for Ray's Outdoors, who had visited both Ivan and Gloria in the Philippines.

But the Seiders brothers continued to contract with Outback. Whatever they felt about Ivan's murder, they were focused on doing what it took to keep their company alive. To get the Outback's employees back to work, the brothers even prepaid Gloria for their orders. Soon, brand new Yeti Tundras were once again being unloaded in Texas. "Never for a second did we think Gloria was involved in Ivan's death," Roy tells me.

Other business decisions they made may have been born of crisis, but proved equally shrewd. To make the most of their dwindling inventory, Roy and Ryan bumped up the price on their coolers. Remarkably, none of their buyers balked. Roy came up with a pricing strategy he called "10x" — as in, charging 10 times what their competitors were asking. Like Balenciaga sneakers and Sub-Zero fridges, the eye-popping prices of Yeti's products wound up making them more — not less — desirable.

The brothers also found a US-based supplier to ensure that their supply chain could never be held hostage again. "As tragic as Ivan's death was, all of a sudden we are a much stronger company," Roy explained on a hunting podcast.

The success of the Tundra, along with Yeti's viral marketing, helped turn the company into a kind of redneck Patagonia. Yeti Coolers went public in October 2018, and Roy and Ryan earned hundreds of millions of dollars after selling most of their shares.

Yeti's success has been good for Outback. The year that Ivan was murdered, according to the company's financial statement, it had $1.9 million in sales. Ten years later, thanks in large part to Yeti, its sales were $9 million.

At Yeti's headquarters, a conference room is named for Ivan Brown, to honor his contribution to the company. Every few years, Gloria or her representatives from Outback travel to Texas to meet with Yeti's management. But, in the past, when Gloria has invited the Seiderses to return to the Philippines for a visit, they've politely declined. "They make their employees go," their father Roger tells me. "But they don't go."

Brendan Borrell is a freelance journalist based in Los Angeles.

• Alex Li lives in Dover, Delaware, which is 55 miles from where his wife and daughter reside.
• Spending time away from his family so that he could work on his startup has led to guilt and regret.
• Rather than fixating on those feelings, Li focuses on what he can do to be there for his family.

As a 34-year-old founder, husband, and dad, Alex Li is away from his family more than he'd like to be. He lives in Dover, Delaware, where his AI education company is based, while his nine-year-old daughter and his wife live 55 miles away in Wilmington, Delaware with his wife's parents.

Li decided to live in Dover because the daily commute between the two cities would be over two hours, which isn't feasible given his workload.

"Although my family is very supportive of my work and understands the fact that I have to leave home for work, I still often feel very sorry and guilty," Li said.

He was only able to return home occasionally in the launch years

Li launched his company StudyX in 2021. "It was a very hard time," he said, as he worked until 2 or 3 a.m. every day while trying to find investors and grow his team. "Apart from sleeping and eating, almost all of my time was devoted to this project," Li said. "Even though Wilmington and Dover aren't far apart, it was still hard for me to make time for my family."

At the time, his daughter was in kindergarten. His wife, who worked remotely for around 20 hours a week and had more flexibility, shouldered the childcare with the help of her parents.

During those launch years, Li was only able to make the hourlong drive home once every week or two for about half a day and on holidays.

"I could only work harder to complete the project as soon as possible, while also ensuring that my family didn't have to worry too much about the finances," he said.

Video updates helped, but guilt would still flare up

To help bridge the gap, his wife sent him daily video updates of their daughter. "My daughter was really cute, and she sometimes sang me her newly learned nursery rhymes," Li said. He would squeeze in time during lunch or dinner to reply and sometimes send short videos or pictures back to them.

But when Li's daughter asked him when he'd be coming home, when he could pick her up from school, or if he could stay at home for a few more days on his next visit, his feelings of guilt flared up.

"Every time my wife sent me messages telling me our kid had made a new friend at kindergarten or learned some new words, I got a complex feeling of happiness, guilt, and regret," Li said.

Men should take on more family responsibilities, Li said

Some of Li's male friends didn't understand why he felt guilty. "The traditional idea that men leave home for work to earn money and women stay at home and take care of children is still deeply rooted in some Asian cultural backgrounds," Li said.

Once, when Li told a friend how he felt terrible for being unable to do something with his daughter, his friend said she would understand and be grateful once she was older.

Although Li appreciated the friend's attempt at comfort, "it sounded like an excuse to avoid facing the situation," Li said.

Li feels that men should take on more family and childcare responsibilities. When he's home, he helps tackle household chores and prioritizes quality time with his daughter.

If his wife needs a break, Li's daughter stays with him in Dover while his wife takes a vacation. "I'll bring my daughter to the office and spend all day together," Li said. "All of our team members know that we're 24/7 inseparable best friends."

Actions speak louder than guilt

Rather than being caught up in guilt and the mental whiplash of his situation's shortcomings, Li focuses on what he can do.

For example, he made good on a promise to bring his daughter to Universal Studios Singapore on his first day after finishing a big project. "My daughter was incredibly excited since it had been years since we traveled together as a family," Li recalled.

His favorite memory was watching the sunset at the beach after their day at Universal. "There's something special about those quiet, uninterrupted moments together as a family," he said. "We could just be present with each other."

While Li still feels bad about the time he's missed with his family, he's committed to making more time for them and has promised his daughter that they'll travel abroad together every year. This year, they took a trip to Spain.

"I make sure to write down promises to my daughter to keep track, so I don't forget in the midst of a busy schedule," Li said.

He now has more time to spend with his family

After three years of around-the-clock work, Li's startup has grown and his team has expanded, giving him a lighter workload and more flexibility. While he's still based in Dover, he's been spending more time with his family over the past two months, working remotely from home in Wilmington several days a week.

"While I still need to work regularly with my team in Dover, I can now guarantee two or three days a week to go home to Wilmington and spend time with my family," Li said. "There, I can take on the responsibilities of being a son, husband, and father."

He's been able to be more involved in responsibilities like picking his daughter up from school, helping with homework, and looking after his wife's parents. He also has more quality time to spend with his wife. "If she faces any challenges, she no longer has to handle them on her own," Li said. "We can share the load and support each other."

Li isn't certain how well this ideal schedule will work, as he still needs to have some in-person meetings, has to travel to meet with team members and users based globally, and knows he'll have busy work periods in the future.

"All in all, no matter what changes my career will have, I'll try to squeeze more time to be with my family," he said.

For others in his situation, Li's advice is to focus on actions rather than thoughts. "We all feel guilty or sorry for not spending time with our families, but more importantly, we need to take action to make up for it," Li said.

If you struggle with parental guilt as you balance family with career and would like to share your story, email Jane Zhang at [email protected].