Why Five9 Stock Is Hitting 52-Week Lows Today

Five9 Inc FIVN shares are trading lower Monday after the company announced a leadership transition.

Five9 CEO Rowan Trollope has resigned from his role as CEO and from the company's board and accepted another position as CEO of a privately held pre-IPO company.

Mike Burkland, chairman and former CEO of Five9, has been appointed to the CEO position, effective Nov. 28.

"Rowan has been instrumental in positioning the company for continued product innovation and expansion both in addressable market and into large enterprise. We are delighted to have Mike return to the helm to lead Five9 forward," said Dave Welsh, lead independent director of Five9's board.

Five9 also reported preliminary financial results. Third-quarter revenue is expected to be approximately $198 million. The company anticipates quarterly earnings of 38 cents per share.

Five9 is scheduled to report its third-quarter financial results on Nov. 7. 

Five9 provides cloud-native contact center software that enables digital customer service, sales and marketing engagement. 

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FIVN Price Action: Five9 is making new 52-week lows on Monday.

The stock was down 14.7% at $65.69 at time of publication, according to Benzinga Pro.

Photo: Photo Mix from Pixabay.