Cloudera plummets 40% after CEO abruptly departs and company cuts forecast
Yahoo! UK & Ireland Finance Jun 6 2019 BoardNews
Tom Reilly, chief executive officer of Cloudera Inc., stands during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York. More Cloudera shares plunged more than 40% on Thursday after the company announcement that CEO Tom Reilly is leaving and lowered its 2020 revenue forecast.
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Last night will be the straw that broke the camel's back for many investors and core believers in the Cloudera story.
Tom and the Board have always been committed to continually evaluating Cloudera's progress and ensuring that we are executing to drive long-term value. Accordingly, we have mutually agreed with Tom that this is the right time for a leadership transition.