Astronomer, the tech company that found itself launched into the public eye after its CEO Andy Byron was spotted on a Jumbotron video at a Coldplay concert earlier this week embracing an employee, announced that Byron has been placed on leave.

Astronomer’s cofounder and chief product officer Pete DeJoy is now serving as interim CEO, the company said in a statement Friday night.

The New York-based company earlier Friday issued a statement about the matter via LinkedIn.

“Our leaders are expected to set the standard in both conduct and accountability,” the statement said in part, adding that the company’s board of directors “has initiated a formal investigation into this matter and we will have additional details to share very shortly.”

The statement also addressed incorrect information circulating on the internet in the day following the video’s release, including a misidentification of a third person seen in the clip, and a parody X account that falsely claimed to have a statement from the CEO.