Management Shake-up Clobbers KIT Digital (KITD)
Czech Republic-based KIT Digital Inc. (NASDAQ: KITD) today announced that the company’s CEO would transition to board chairman and that its chief administrative officer would become acting CEO while a search is conducted for a full-time, permanent CEO. KIT develops…
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Four directors have also resigned and the board now comprises four independent directors plus its new chairman. Here’s what KIT had to say about the board in its press release:
The company has had a longstanding plan to change its board composition, in part as a response to periodic shareholder requests. As such, the company is reducing the number of inside directors and paving the way for new outside members of the board.
Combined with the shake-up in top management, KIT is getting whacked today. Shares are down nearly -25% at $6.14 after posting a new 52-week low of $6.00. The 52-week range is $6.00-$12.73.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.