wow when vBulletin first came out their website looked like crap lol :P They really have come a long way though.
vBulletin won't change much from where it is going right now because of the fact that I.B. purchased something they are not specialized in.
Now in regards to the Co-owner leaving, maybe he just siezed the opportunity to move onto different (and perhaps better things for him). The other alternative to this is he got the boot from I.B. when they purchased vBulletin. Seeing as Jelsoft and I.B. is not telling us the more finer details we may never know the real reason.
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