Vinco Ventures (NASDAQ:BBIG) just announced that it has appointed Ted Farnsworth as co-CEO. Farnsworth now serves alongside Lisa King, who was previously the sole CEO. According to Vinco Ventures, this executive change first took effect on June 8.
Today, BBIG stock is falling by more than 2%. It trades just above the $1 mark. Vinco said the following about the CEO decision in its release:
“As Co-Founder and Chairman of ZASH Global Media and Entertainment, Mr. Farnsworth was instrumental […] in acquiring Lomotif and AdRizer, and has proven leadership and experience in the media industry.”
Lomotif is a platform similar to TikTok. Meanwhile, AdRizer uses artificial intelligence (AI) to enable the automation of ad purchases. According to Vinco, Farnsworth “has built many successful companies and is considered an expert in strategic development, marketing” and more.
As noted, Farnsworth was a top executive at Vinco’s subsidiary, ZASH. However, the CEO may be most well-known for serving as chairman at MoviePass Films. That company developed a theater subscription model of the same name, which was shut down about three years ago. However, MoviePass will reportedly be relaunched soon.
What Else Is Happening With BBIG Stock?
What else is happening with BBIG stock besides the CEO news? On June 29, the company spun off Cryptyde (NASDAQ:TYDE) and distributed TYDE stock to BBIG shareholders. Shares of the Bitcoin (BTC-USD) mining equipment company have lost more than 80% since the spinoff.
In the first quarter of 2022, however, Vinco’s top line also jumped 350% year-over-year (YOY) to $11.53 million. Its quarterly per-share loss dropped to $3.05 as well, “significantly” better than the previous quarter.
Finally, in May, CEO Lisa King said that Vinco’s acquisition of Lomotif has enabled it to gain a meaningful number of users.
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On the date of publication, Larry Ramer did not hold (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.
