New Delhi, July 21 -- The IT company CEO captured in a widely circulated video showing him embracing an employee at a Coldplay concert has resigned.

Andy Byron resigned from his job as CEO of Cincinnati-based Astronomer Inc., according to a statement posted on LinkedIn by the company Saturday.

"Astronomer is committed to the values and culture that have guided us since our founding. Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met," the company said in its post on LinkedIn.

The move comes a day after the company said that Byron had been placed on leave and the board of directors had launched a formal investigation into the jumbotron incident, which went viral. A co...