|
|
Zagg CEO Resigns With Immediate Effect
Published on:
USA based accessories retailer, Zagg has announced that its co-founder, CEO and Chairman, Robert G. Pedersen II has resigned with immediate effect.
The company did not explain why he had stepped down, although news reports suggest his decision was motivated by personal issues.
The company's share price has dropped by a quarter since the company announced lower than expected guidance for its full year revenues.
ZAGG's President and COO Randall Hales has been appointed interim CEO by the Board of Directors, and Cheryl Larabee has been appointed to serve as Chairperson of the Board of Directors, effective immediately.
"We thank our founder, Robert Pedersen, for his contribution in building ZAGG Inc. into a leading company in the mobile device accessories market and we wish him well in his future endeavors," said Cheryl Larabee.
The board of directors will conduct a search for a new permanent CEO. Mr. Hales will retain his board seat and Ms. Larabee remains Chair of the Audit Committee, as well as member of the Nominating and Governance Committee, and the Compensation Committee. No further changes in leadership are expected.
The Company reiterates its full year guidance for 2012 revenue of $256 million and Adjusted EBITDA of $56 million - $61 million.
| |
|
| |
|
| |
|
| |