LivePerson founder LoCascio nominates two director candidates

LivePerson

20/08/2024 22:13

By Svea Herbst-Bayliss
       NEW YORK, Aug 20 (Reuters) - LivePerson  LPSN.O  founder
Robert LoCascio nominated two director candidates, arguing new
blood is needed for the artificial-intelligence company to
regain its stature after its stock price lost 60% in value in
the last year, according to a regulatory filing.
    LoCascio, who had been LivePerson's CEO until the end of
2023, nominated Walter Bachtiger and Michal Czwarno, executives
with expertise in artificial intelligence and knowledge of the
company's operations, to the eight person board.
    The company did not immediately respond to a request for
comment.
    In the last 52 weeks, the company's stock price has tumbled
62% to close at $1.56 on Tuesday. This includes a 47% drop
following a February 2024 earnings call when a $100 million
revenue loss related to customer churn was announced.
    LoCascio, who owns roughly 2.4% of the company, has also
criticized a recent debt restructuring which he said hurt equity
investors and has expressed concerns that the company is losing
key talent.
    Two years ago the company reached an agreement to refresh
the board with activist investor Starboard Value. Starboard did
not list a stock investment in LivePerson on its most recent
regulatory filing.
    

 (Reporting by Svea Herbst-Bayliss, editing by Deepa Babington)
 ((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))