The technology company Astronomer said Friday that its board of directors has started a formal investigation after its CEO, Andy Byron, was shown embracing a woman on a screen during a Coldplay concert.

"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," the New York company said in a statement posted on social media. 

It added, "The Board of Directors has initiated a formal investigation into this matter and we will have additional details to share very shortly."

Byron was shown with his arms wrapped around a woman on a jumbo screen during a Coldplay concert on Wednesday in Foxborough, Mass., according to a social media post that went viral. Some media outlets identified the woman as Astronomer human resources chief Kristin Cabot. 

Byron didn't immediately respond to requests for comment sent to Astronomer. 

Astronomer, a privately held company based in New York, makes software that helps companies implement workflow management technology. 

The video emerged after Coldplay lead singer Chris Martin asked the cameras to scan the crowd for his "Jumbotron Song," when he sings a few lines about the people the camera lands on.

For several seconds, a couple was shown cuddling and smiling, with the man's arms wrapped around her as she leaned back into him. When they saw themselves on the big screen, her jaw dropped, her hands flew to her face and she spun away from the camera. He ducked out of the frame, as did she.

"Either they're having an affair or they're just very shy," Martin joked. 

Kiss-cam alert

Both Byron and Cabot's LinkedIn accounts were inactive as of Friday afternoon.  

In a statement to CBS News on Friday, Astronomer said Byron "has been placed on leave" and that Pete DeJoy, co-founder and chief product officer, is serving as interim CEO. The company did not address Cabot's employment status in its statement. Axios, citing a person familiar with the situation, reported that both executives have been placed on leave pending the investigation. 

Most concert venues have signs informing the audience that they could be filmed during the event. It's common practice especially when bands like to use performances for music videos or concert films.

The venue where the concert took place, Gillette Stadium, also has a privacy policy that states: "When you visit our location or attend or participate in an event at our location, we may capture your image, voice and/or likeness, including through the use of CCTV cameras and/or when we film or photograph you in a public location."

The Associated Press contributed to this report.