Web Summit Chief Executive and founder Paddy Cosgrave has stepped down from his position due to the fallout from comments he made regarding the Israel-Hamas conflict. This led to several tech companies and investors withdrawing their plans to attend the upcoming Web Summit conference in Portugal.

1. Cosgrave Resigns: Paddy Cosgrave steps down due to Israel-Hamas comments.
2. Tech Giants Withdraw: Google, Meta, Intel, and Siemens opt out.
3. Web Summit Continues: New CEO sought, but event proceeds as planned.

The CEO and founder of Web Summit, Paddy Cosgrave has stepped down after the controversy created from his comments about the Israel-Hamas war. In his statement, Cosgrave admitted that his personal comments were not only inconvenient but also disturbing for the Web Summit team, sponsors, startups, and attendees, as they had turned into a disruptive force.} He apologized to anyone who felt insulted by his statement.

Several prominent tech companies, including Google, Meta Platforms Inc (formerly Facebook), Intel Corp, and Siemens AG, decided not to participate in the upcoming Web Summit event, which had been scheduled for November 13-16 in Lisbon. This decision to withdraw had been previously reported in a Bloomberg article.

Despite the controversy and leadership change, Web Summit organizers intend to press on with their plans for the Web Summit 2023 event. They are actively seeking a replacement CEO.

Cosgrave's resignation underscores the potential impact of personal statements made by high-profile figures on major tech events and the broader implications they might have on corporate participation and sponsorships. Notably, Paddy Cosgrave retains his majority stake in Web Summit, and this shift in leadership marks a pivotal moment for the organization, as it navigates challenges arising from his comments and their repercussions.