1 year ago
163 Rowan Trollope, CEO, Five9
Scott Mlyn | CNBC
Shares of unreality bundle vendor Five9 tumbled 22% Monday and fell to their lowest since March 2020 aft CEO Rowan Trollope announced his resignation.
Trollope is leaving to go CEO of a venture-backed pre-IPO startup, helium said connected Twitter. He is being succeeded by erstwhile Five9 CEO Mike Burkland, who resigned arsenic CEO successful 2017 aft helium was diagnosed with cancer. Burkland volition regenerate Trollope effectual Nov. 28.
"It has been an grant and privilege to service our employees, our customers and our shareholders," Trollope wrote successful a tweet.
Five9 provides interaction halfway bundle that aims to assistance agents connection much effectual work implicit the telephone and from immoderate location. Zoom agreed to acquire Five9 successful mid-2021 successful an all-stock acquisition valued astatine $14.7 billion, aft shares of some companies soared during the pandemic with radical crossed the state moving from home.
However, Five9 shareholders were not satisfied with the tiny premium that Zoom was acceptable to pay, and they ultimately rejected the deal. Investor appetite for unreality stocks has plummeted since past arsenic rising involvement rates and inflationary concerns coupled with the reopening of galore offices has changed the industry's near-term trajectory.
Five9 has mislaid much than 70% of its worth since the banal peaked successful August 2021. Zoom is much than 85% beneath its grounds reached successful precocious 2020.
Trollope, who was a apical enforcement astatine Cisco earlier taking the Five9 occupation successful 2018, said the institution is inactive successful a "great position," and helium remains bullish connected its quality to "tackle the future."
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