Five9 shares plunge more than 20% after CEO announces resignation

Five9's shares fell to their lowest level in over a year after the company's CEO resigned.

He said that he is leaving to be CEO of a pre-IPO startup. He is being replaced by a man who resigned as CEO after being diagnosed with cancer. The new Trollope will be replaced by Burkland.

It has been an honor and privilege to serve.

The contact center software provided by Five9 helps agents offer more effective service over the phone and from any location. The all-stock purchase of Five9 by Zoom is valued at $14.7 billion and will take place in mid- 2021.

The deal was rejected by Five9 shareholders because they didn't like the small premium that was going to be paid. Since then, rising interest rates and inflationary concerns have caused investor appetite for cloud stocks to plummet.

The stock of Five9 peaked in August of 2021. The record it reached in late 2020 is more than 85%TrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkia

He said that the company is in a good position and that he is bullish on its ability to tackle the future.

The company's voice recognition software is discussed.