The CEO of LastPass, Chris Beards new company, has announced that he will be stepping down from the company.
“Today I have made the decision to leave the company as I have decided to pursue other opportunities,” Mr Beard said in a statement.
Mr Beard will now focus on his own company, the lastpass brand, which was founded by his brother Chris.
Mr Beards brother, Chris, is also the founder of the mobile app LastPass and also a former president of the US Federal Communications Commission.
LastPass is an online service which allows users to create and manage password protected sites.
LastPass, which has grown in popularity in recent years, has been the subject of numerous investigations by the Federal Trade Commission and the Justice Department.
Last year, the company was fined $1.9 million for allegedly illegally advertising to children.
The company also faced a lawsuit from the Federal Communications Board over a separate advertising campaign, which targeted teenagers.
Lastpass said the ads did not infringe on its copyrights.
The company said it would continue to work with the Justice and FTC to combat identity theft and cybercrime.
The announcement comes after last month’s news that LastPass had reached a settlement with the FTC over the ads, which were seen by children.
This year, LastPass was the subject a criminal investigation by the US Department of Justice, which found that the company promoted itself as a way to help protect children from identity theft.
Last Pass has also been the target of a $1 million federal lawsuit from a former employee alleging that Lastpass did not properly train employees to use the app to store passwords.
While the company did not disclose any further details about the settlement, Last Pass did say it would pay the $1,000 settlement.
Read more about lastpass