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Five9 stock falls after CEO Rowan Trollope's departure

Five9 is a market leader in cloud contact center solutions. Five9 stock fell on Monday after the company announced that Chief Executive Rowan Trollope would step down to lead a privately held corporation.

By ET Spotlight Special |
Agencies
Rowan Trollope has quit as Five9's CEO and will also step down from Five9's (FIVN) board of directors. Former Five9 CEO and current Chairman Mike Burkland will resume his role as CEO on November 28, the firm announced. Today, FIVN stock fell 18.7% to 62.55 on the stock market.

Following the recent firing of the head of EMEA and coinciding with what appears to be the smallest sales beat since 2014, the departure timing is not great, according to MoffettNathanael analyst Sterling Auty.

Auty added Mr. Burkland resigned as CEO in 2017 after being diagnosed with cancer, following a highly successful time as the company's leader. Given the deceleration in growth following the epidemic, one could argue that the company's emphasis on business execution returns plays to Mr. Burkland's strengths.


Five9 increased its adjusted earnings outlook for the third quarter from 31 cents to 33 cents per share to 38 cents per share. Five9 expects approximately $198 million, up from its previous estimate of $193 million.

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Five9, founded in 2001, automates call center services through website chatbots or virtual assistants.
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As of Friday's market closing, the company's stock is 44 per cent lower for the year. IBD Stock Check-Up assigned FIVN stock a Relative Strength Rating of 19 out of 99.

The firm will release third-quarter earnings on November 7.

FAQ:

  1. When did Five9 go public?
    Five9 went public on April 4, 2014.
  2. Who was the underwriter of the IPO?
    The IPO was underwritten by J.P. Morgan, Barclays, BofA Merrill Lynch, Pacific Crest, Canaccord Genuity, and Needham & Company.
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CEO Rowan Trollope |rowan trollope |moffettnathanael |emea |burkland |sterling auty |mike burkland

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