UiPath shares tank 30% after company announces CEO shakeup
Summary
Daniel Dines, billionaire and co-founder of UiPath Inc., at the automation software companys offices in Bucharest, Romania, on Thursday, May 20, 2021. UiPath shares plunged more than 30% on Wednesday after the software company said CEO Rob Enslin is resigning effective June 1, and being replaced by co-founder Daniel Dines, who stepped down as co-CEO on Jan. 31. "I am convinced that UiPath will continue to define whats possible for our customers and partners in the AI and automation market," Enslin said, adding his decision to resign came "after much reflection." The company makes software which automates repetitive and "menial" tasks, but its stock has suffered under Enslins sole leadership. Facebook co-founder Mark Zuckerberg did something similar with former COO Sheryl Sandberg, a move that is credited with galvanizing the company into maturity.
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