RingCentral (NYSE:RNG) stock isn’t doing so hot on Thursday after the company announced a change in leadership.
According to a press release, Anand Eswaran is stepping down as the president and COO of the company. Eswaran is leaving RingCentral to take a CEO position at an unnamed private company. However, he’s sticking around in an advisory role until the end of the month.
So who’s taking over for the COO now that he’s leaving the company. In the meantime, Chief Accounting Officer Vaibhav Agarwal will serve as the company’s interim COO. They’ll start in this role at the beginning of the new year.
With Agarwal only taking on an interim COO position, it begs the question of who will take over the role for real? RingCentral doesn’t address this in its news release as it doesn’t discuss searching for a more permanent COO.
Vlad Shmunis, founder, chairman and CEO of RingCentral, said the following in the press release.
“We have a deep and capable leadership bench across all areas with an enviable track record of strong execution at RingCentral. On that note, I am pleased to announce that Vaibhav Agarwal, our Chief Accounting Officer and a five-year RingCentral veteran, is promoted to the role of Interim Chief Financial Officer. I look forward to closely working with Vaibhav in the next exciting chapter of RingCentral.”
Investors don’t appear happy about the COO news today with heavy trading of the shares. That has some 1.8 million units on the move as of this writing. This is already above the company’s daily average trading volume of about 1.3 million shares.
RNG stock is down 15.4% as of Thursday afternoon and is down 52.6% since the start of the year.
There’s more stock market news from today for investors to jump into below!
We’ve got all the most recent stock coverage that traders need to know about on a daily basis. For Thursday, that includes what’s hitting Renren (NYSE:RENN) stock, why Ocugen (NASDAQ:OCGN) shares are jumping, as well as what has the stock market down today. You can get more details on these matters at the following links!
More Stock Market News for Thursday
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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.