Joost removed its high-profile chairman Mike Volpi by shareholder vote, it has emerged and "The company and its Board of Directors is conducting an investigation into Mr. Volpi’s actions during his tenure as CEO and as Chairman" said a statement.

Volpi, who had been CEO, continued as Joost chairman after joinning the venture firm Index Ventures, which was part of consortium bidding $1.9 billion to Internet auction house EBay for Skype.

Skype co-founders Niklas Zennstrom and Janus Friis were backers if Joost which failed to gain traction as web TV portal as broadcasters launched their own. It is re-positioning as a white label supplier of web TV.

Volpi had been a rising star with Cisco before joining Joost.

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