ClickSoftware Co-CEO Resigns

ClickSoftware Co-CEO Resigns

Israel's ClickSoftware Technologies lost one of its two co-chief executive officers today.

On Tuesday, ClickSoftware announced that co-CEO and 17-year company veteran Hannan Carmeli has resigned from his post and will leave the company after staying long enough "to ensure a smooth transition." Company founder Moshe BenBassat will stay on as sole CEO.

Chairman of the Board Israel Borovich explained the move as being inspired by a board determination "that having two leaders at the top of the Company was not practical, and that it was in the Company's best interest to revert back to a more conventional structure of leadership under one CEO." Borovich thanked Carmeli "for over 17 years of dedicated service to the Company, and wish[ed] him all the best for the future."

BenBassat noted that going forward, the company "continues to execute on its strategic plan through our powerful business mobility apps and our Cloud-based solutions for both large and small enterprises."

Investors nonetheless reacted negatively to the news, sending ClickSoftware shares down 1.5% to close at $6.78 per share.

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Originally published