Amid a cratering stock price, Upwork CEO Stephane Kasriel is stepping down from the freelance job site, the company said late on Monday.
Upwork’s shares plummeted nearly 5% on Tuesday on the news to $10.60 per share. The company’s stock is down nearly 55% from its high earlier this year.
Hayden Brown, chief marketing and product officer, will succeed Kasriel as CEO. No reason was given for the leadership change.
Upwork, which traces its origins to 1999 when it was called Elance, connects companies with freelancers to do everything from writing content to code.
Last month, Upwork’s third quarter sales showed relatively strong growth. Quarterly revenue, mostly from fees paid by freelancers based on their earnings, grew 23% year-over-year to $78.8 million while losses narrowed to 3 cents per share from a 20 cent loss.
But at the same time, Upwork also lowered its guidance for its full-year adjusted profit because of increased spending, while also saying that full-year revenue would be near the bottom of its previous forecast.
On Monday, the company reaffirmed that disappointing guidance.
Kasriel, who will step down as CEO at the end of this month, will remain on Upwork’s board through the annual shareholder’s meeting next year.
He is just the latest in a long line of CEOs who have decided to step down or were ousted this year. Other departures announced in the last few weeks include Alphabet CEO Larry Page, United CEO Oscar Munoz, and Expedia CEO Mark Okerstrom, who quit after clashing with the company’s board.
Addtionally, WeWork, McDonald’s, Under Armour, Nike, and T-Mobile have all said in recent months that their CEOs would be stepping down.
Upwork held its initial public offering 14 months ago at $15 per share.
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