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.
The article ClickSoftware Co-CEO Resigns originally appeared on Fool.com.
Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.