Mercury Systems Inc MRCY shares are trading lower by 16.2% to $29.22 Monday morning after the company said it reviewed strategic alternatives and decided to pursue a standalone strategy which includes finding a new CEO.
What Happened?
The company's Board of Directors has decided that executing the company's strategic plan under a refreshed leadership team is the best way to drive value for stakeholders.
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As part of these changes, a new President and CEO will be appointed, a new independent director has been added to the Board, and a second independent director and permanent Chief Financial Officer will be identified.
William K. O'Brien, Chairman of the Board, emphasized the Board's commitment to enhancing shareholder value. The conclusion of the strategic alternatives review process led to a focus on operational excellence and maximizing the company's unique position in the aerospace and defense industry.
According to data from Benzinga Pro, MRCY has a 52-week high of $65.42 and a 52-week low of $34.13.
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