Why Zscaler Shares Are Sliding Today

Zscaler Inc ZS shares are trading lower Tuesday after the company announced its president has resigned.

Zscaler's Amit Sinha has accepted a CEO position at a privately-held technology company and will resign from Zscaler, effective Oct. 21. Sinha will continue to serve in his role as a member of the company's board.

R&D, cloud operations and customer support teams that previously reported to Sinha will now report directly to chairman and CEO Jay Chaudhry.

"With strong and talented leaders in R&D, cloud operations and customer support, Zscaler will continue to drive our customer-centric growth strategy and innovate on our cloud platform and offerings," Chaudhry said.

"I am pleased that Amit will remain on the Board of Directors of the company as a trusted advisor and strong supporter of Zscaler as we continue to scale our business to our $5 billion ARR target and beyond."

Zscaler is a security-as-a-service firm that offers its customers cloud-delivered solutions for protecting user devices and data.

See Also: Why Qualcomm Shares Are Falling

ZS Price Action: ZScaler has a 52-week high of $323.55 and a 52-week low of $125.12.

The stock was down 5.34% at $148.79 at time of publication, according to Benzinga Pro.

Photo: Tumisu from Pixabay.