Everbridge (NASDAQ:EVBG) stock is taking a beating on Friday following news of its CEO leaving the software company.
Let’s dive into everything investors need to know about this news below!
- Everbridge CEO David Meredith let the company and its Board of Directors know about his resignation.
- That includes him leaving the CEO role, as well as his seat on the Board of Directors.
- The company notes his resignation has been accepted by the Board.
- It also points out his departure has nothing to do with the company’s “financial condition, reported financial results, internal controls or disclosure controls and procedures.”
- With Meredith stepping down, Everbridge is setting up an Office of the CEO.
- That will see executive vice president and CFO Patrick Brickley, executive vice president and CRO Vernon Irvin serving as co-CEOs of the company.
- Everbridge points out that it is also searching for a permanent replacement for Meredith.
- This will have it considering both internal and external candidates.
- Investors hoping for a reason behind Meredith’s resignation are unsatisfied.
- The company doesn’t state why its former CEO is stepping down.
Jaime Ellertson, chairman of Everbridge, said this in a news release.
“The Board of Directors and I are confident that Vernon Irvin and Patrick Brickley can lead the company forward as Co-CEO’s together and deliver on the company’s mission of ‘keeping people safe and organizations running faster.”
The CEO departure news brings with it heavy trading of EVBG stock. As a result, some 5 million shares have changed hands as of this writing. That’s a massive jump from the company’s daily average trading volume of about 434,00 shares.
EVBG stock is down 46% as of Friday morning and is down 85.1% since the start of the year.
Investors seeking more hot stock market news today are in luck!
InvestorPlace has all the latest stock coverage traders need for Friday. A few examples include what’s happening with shares of MeaTech3D (NASDAQ:MITC), Context Therapeutics (NASDAQ:CNTX), and Broadcom (NASDAQ:AVGO) today. You can get all the details from the links below!
More Friday Stock Market News
- MITC Stock: The Lab-Grown Steak Breakthrough That Has MeaTech3D Looking Tasty Today
- CNTX Stock: The Breast Cancer Clinical Trial Data That Has Context Therapeutics Soaring Today
- AVGO Stock Is Soaring Because Broadcom Just Announced a $10B Catalyst
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.