Shares of LivePerson Inc.
LPSN,
were rocketing more than 30% in Wednesday morning’s activity after the company announced that Robert LoCascio plans to leave his post at the end of the year. He’ll step down from the CEO role Dec. 31 “at the end of the term of his contract, which will not be renewed.” LivePerson disclosed that Jill Layfield, the company’s lead independent director, has taken over the role of board chair, and LoCascio will depart from the board when he leaves his CEO position. “We are excited to capitalize on the launch of our new generative AI products and platforms, and are focused on identifying a CEO who will build on our market leadership and usher in the next chapter of growth to deliver enhanced stockholder value,” Layfield said in a release. Mizuho analyst Siti Panigrahi wrote Wednesday that “with changes in the AI landscape, we believe LivePerson has to revive its strategy and competitive positioning to remain relevant in the current environment.” LivePerson shares have slid 43% over the course of 2023 to date, and the name has attracted activist attention from Starboard Value LP.
