Aterian, the e-commerce technology company, experienced a significant drop in its share price by 18% to 52 cents following the appointment of new co-CEOs and a revision in its second-quarter revenue guidance.
Over the past year, the stock has seen a steep decline of 78% and hit its lowest point at 35 cents on June 26.
In response to these developments, Joe Risico and Arturo Rodriguez have been named the co-chief executive officers of Aterian and have also joined the company's board of directors. Meanwhile, William Kurtz, the current lead independent director, has assumed the position of chairman of the board.
Yaniv Sarig, who served as CEO, has resigned from his role as well as from the board, effective Wednesday.
Risico will be responsible for leading the strategic aspects and revenue generation of the company, while Rodriguez will oversee technology and development, along with his existing roles in supply chain and finance.
As a result of ongoing softness in the consumer discretionary sector, Aterian has revised its revenue outlook for the second quarter. The projected range now stands between $34.8 million and $35.4 million, compared to the previous range of $37 million to $44 million. Wall Street analysts expect quarterly revenue to reach $39.7 million according to FactSet.
In conclusion, Aterian's recent executive changes and updated revenue guidance reflect the company's commitment to addressing challenges in the market while striving for future growth.
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