Navitas Semiconductor stock drops 8% on CFO change

Navitas Semiconductor Corporation (NVTS) stock took a significant hit on Tuesday, dropping 8.7% to $2.32 following news of a CFO change.

The company announced that its current CFO and Treasurer, Janet Chou, will be stepping down for personal reasons, effective October 4, 2024.

Taking over as the company's Interim CFO and Treasurer will be Todd Glickman, Navitas' Senior Vice President of Finance.

Glickman has been with the company since 2015, previously serving as Corporate Controller and even briefly as Interim CFO between October 2021 and May 2022.

His extensive experience in finance, accounting, and corporate development, spanning over 18 years, provides a strong foundation for his temporary move into the role.

While Navitas emphasized that Chou's departure is not related to any concerns about its financial statements or disclosures, the stock still fell, adding to its significant decline this year, which stands at -70.5%. In the last 12 months, the company's shares have fallen -68.9%.

Source: Investing.com