RingCentral falls after CEO's abrupt departure
11/12/2023 15:55
** Shares of RingCentral RNG.N slump by nearly 9% to
$31.17 on Mon after cloud communications provider announces
departure of CEO Tarek Robbiati
** Stock on track for biggest daily pct decline since August
and was last down 6% at $32.05
** Robbiati and RNG mutually agreed that Robbiati would
separate from the co and resign from its board, effective Dec 8,
per the SEC filing
** Robbiati’s resignation not a result of any disagreement
with the co or board, or any matter relating to co's operations,
policies, or practices, according to the filing
** Robbiati, a former Hewlett Packard Enterprise HPE.N
CFO, was appointed CEO in September
** RNG founder Vlad Shmunis will return full-time as CEO
** Co also reiterated Q4 and FY guidance. In November, RNG
forecast Q4 rev of $566.5-$573.5 million
** Median PT of 26 analysts covering RNG is $40, unchanged
from a month ago, and their current recommendation is "buy",
LSEG data shows
** With today's move, RNG's stock down 10% YTD
(Reporting by Chibuike Oguh in New York)
((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))