Shares of LivePerson Inc. (LPSN) surged over 30% in morning trading on Wednesday following the company’s announcement of CEO Robert LoCascio’s departure at the end of the year. In a press release, the company stated that LoCascio’s contract will not be renewed and he will step down from his role on December 31st.
Recently, Jill Layfield, the lead independent director of LivePerson, assumed the position of board chair. It was also confirmed that LoCascio will permanently leave the board once he vacates his CEO post. Layfield expressed enthusiasm about the company’s new generative AI products and platforms and emphasized the need for a CEO who can build on their market leadership and drive future growth to benefit the stockholders.
Mizuho analyst Siti Panigrahi highlighted the importance for LivePerson to reevaluate its strategy and competitive positioning in the AI landscape to stay relevant. The company’s stock has experienced a significant decline of 43% so far in 2023, attracting attention from activist investor Starboard Value LP.
LivePerson Inc. remains focused on the upcoming leadership transition as it aims to leverage its new AI offerings and maintain its position as a market leader. With the imminent departure of LoCascio, the company is determined to find a CEO who will lead them into the next phase of growth, providing increased value to its stockholders.
