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.
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