The company's board had the option to fire Byron, which would have left him empty-handed, sources said, making his resignation likely the most financially prudent move.
Cabot first brought her on board five months ago as head of people operations and strategy, and last week, she praised her in a glowing LinkedIn post announcing her promotion.
The embarrassing video captured Byron and Cabot quickly trying to cover their faces after the jumbotron unexpectedly focused on them during the concert.