Shares of intelligent cloud contact center software provider Five9 plunged by 25% Monday and fell to their lowest since March 2020 after Five9 CEO Rowan Trollope announced his resignation.
Trollope has resigned as CEO and from the Board of Directors to move on to another CEO position at a privately held pre-IPO company outside the contact center industry.
Mike Burkland, long-time Chairman and former CEO of Five9 will be resuming his position, effective November 28, 2022.
"I'm thrilled to resume the role of CEO and once again lead the amazing team at Five9 on our exciting journey ahead," said Burkland.
"When I was diagnosed with cancer in 2017, I resigned from the CEO post to focus on my health while remaining very close to the business as Chairman. Now, following successful treatments, I am pleased to report that my doctors have given me a favorable long-term prognosis."
Burkland returns to Five9 following successful treatments after he resigned as CEO following a cancer diagnosis in 2017. He had previously joined the company as CEO in 2008.
“I’d like to thank Mike and the Board for the opportunity. I'm honored to have had the chance to serve Five9 customers, shareholders and employees. I'd like to say a special thank you to the tremendous team here at Five9 - pioneers who have worked incredibly hard to lead the industry and set the pace for innovation and growth in the cloud,” stated Rowan Trollope, CEO of Five9.
“I’ve made a personal career decision to join a unique venture-backed pre-IPO company that I couldn’t say no to and I’m confident Five9 is in great hands.
Five9 current share price is $57.30, a 25% decrease from the $77.01 price on Friday. As of October 10, 2022, the company's market cap is 4.02 billion.