Emergency communications solutions provider Everbridge has announced that CEO David Meredith has notified the company’s board of directors that he intends to resign from his position and as a member of the board.
In a statement, Everbridge said that Meredith’s resignation was not related to the company’s financial condition, reported financial results, internal controls or disclosure controls and procedures. However, those reassurances did little to alleviate the fears of investors as the company saw its share price plunge by nearly half on Friday. As of press time Friday, the company’s stock was trading at just under $62 a share, a more than 46% drop from its previous close of $115.37.
Meredith joined Everbridge as CEO in July 2019, succeeding long-time CEO Jaime Ellertson, who went on to assume the role of Executive Chairman of the Everbridge board.
Everbridge said that it would immediately establish an “Office of the CEO” and begin to transition leadership to long-tenured company executives Patrick Brickley, Executive Vice president and Chief Financial Officer, and Vernon Irvin, Executive Vice President and Chief Revenue Officer. Brickley and Irvin will serve as co-CEOs and assume strategic and operational control of the company. Everbridge has also initiated a search for a permanent CEO and will consider both internal and external candidates.
“The board of directors and I are confident that Vernon Irvin and Patrick Brickley can lead the company forward as co-CEO’s together and deliver on the company’s mission of ‘keeping people safe and organizations running faster,’” Ellertson said in the statement. “We are fortunate to have two incredibly respected and seasoned executives taking on this partnership. Both Patrick and Vernon are strong leaders with deep hands-on operating knowledge and a commitment to the continued success of Everbridge in the future.”
