Montreal-based point-of-sale software company Lightspeed has undergone a significant leadership change, appointing founder Dax Dasilva as interim CEO, succeeding Jean Paul Chauvet.
The announcement came a week after Lightspeed reported third-quarter earnings that exceeded revenue and loss-reduction expectations but failed to impress investors, leading to a 24% drop in stock value. Despite revenue growth from US$77.5 million to an anticipated US$900 million this fiscal year, the company’s shares have remained stagnant since its IPO five years ago.
In a recent interview, Dasilva expressed his intent to focus on balancing growth with profitability and ruled out large-scale mergers and acquisitions. Following this leadership shakeup, Lightspeed’s stock closed over seven percent higher on Thursday.
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