Andy Byron, the chief executive of New York-based tech company Astronomer, has resigned from his role after he was spotted embracing an employee at a Coldplay concert, according to a LinkedIn post from the company on Saturday.

"Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met," the company said in a statement.

The employer of a CEO reportedly seen in a viral "kiss cam" moment at a recent Coldplay concert says it is launching an investigation into the incident. Astronomer, a New York City-based data company, said in a statement Friday that a "formal investigation" has been launched by its board of directors.