The stock of the Everbridge, Inc. (EVBG) plunged in the current market after the CEO of the company resigned from their role. The stock heavily declined by losing more than 45.45% in a short span of time to reach $62.94. At the end of the last trading session, the stock closed at $115.37. This is a decline in value of more than $52.43 in a single day. The average volume of the stock traded in the last trading session was approximately 578.61K.
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Reason for the stock EVBG decline
Today in a press release the company announced that the CEO David Meredith has presented their resignation to the Board of Directors of the company to step down from their role as a Chief Executive Officer and as a member of the Board of Directors of the Company. The BoDs have accepted the resignation of Mr. Meredith.
The company will immediately form an Office of the CEO and commence the transition of leadership to long-tenured executives of the company’s Executive Vice President and Chief Financial OfficerPatrick Brickley, Executive Vice President and Chief Revenue Officer Vernon Irvin.
Mr. Brickley and Mr. Irvin will act as Co-CEOs to start strategic and operational control of the business. The search for a permanent CEO has already begun by the company and they intend to consider both the internal and external candidates.
The company said that the resignation of the Chief Executive Officer has nothing to do with the performance of the company. It was totally a mutually decided decision.
Effect on the stock
As soon as the news hit the market, the stock of the company declined by losing more than 41% in the Pre-market. The investors were seen to be reluctant in investing in the stock of Everbridge, Inc. (EVBG). The investors who had already invested in its stock are looking forward to the designation of the new CEO.
Conclusion
The company is expecting a growth in the revenue of 20% to 23% in 2022; this does not include the impact of any potential future acquisitions by the company. The result of the next quarter will be crucial for the stock of the company.
