Trump-Linked Phunware's Leadership Shuffle Continues: CFO Joins CEO In Exit Queue

Mobile cloud enterprise solutions company Phunware, Inc. PHUN shares are trading lower premarket on Monday. The company disclosed in a regulatory filing that on November 1, Troy Reisner notified that he intends to step down as Chief Financial Officer on or after November 15 and before November 30.

The company says his departure is unrelated to any disagreements regarding the company’s operations, policies, or financial practices. Phunware has started the search for a successor.

In the interim, the company’s Interim CEO, Stephen Chen, will collaborate with Brendhan Botkin, Vice President of Accounting and Financial Reporting, to cover the responsibilities of principal financial officer and principal accounting officer.

Last month, the company announced that CEO Michael Snavely resigned from the company. Stephen Chen, former chair of the board, has taken over as interim CEO, effective as of Tuesday.

Phunware shares have been extremely volatile since the start of the year, largely driven by former President Donald Trump’s presidential campaign. Phunware has ties to Trump dating back to 2020 when the company launched and managed Trump’s 2020 reelection campaign mobile app.

The company’s shares tumbled over 24% in the past year.

Price Action: PHUN shares are down 9.79% at $6.08 premarket at the last check Monday.

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