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 technology and services for Internet Protocol-based devices.
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.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
