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SAN FRANCISCO—Matthew Tappin, President of the Software (ETR:SOWGn) Division at Stem Inc. (NYSE:STEM), recently reported a sale of company stock. According to a recent filing with the Securities and Exchange Commission, Tappin sold 8,130 shares of Stem Inc. common stock on February 20, at an average price of $0.6267 per share, totaling approximately $5,095. The transaction comes as STEM trades near $0.56, down about 79% over the past year, with InvestingPro data showing significant price volatility.
The sale was part of an automatic transaction to cover tax liabilities related to the vesting of restricted stock units (RSUs), as noted in the filing. This type of transaction is not considered a discretionary trade by the executive.
Prior to the sale, on February 19, Tappin acquired 24,316 shares of common stock through the conversion of RSUs, with no cash consideration involved. Following these transactions, Tappin holds 32,821 shares of Stem Inc. common stock directly.
In other recent news, Stem, Inc. announced the appointment of Arun Narayanan as its new Chief Executive Officer, effective January 27, 2025. This appointment follows a search process that began in September 2024 and marks a strategic shift towards a software and services-oriented business model. Arun Narayanan brings over 25 years of experience in software technology and operations, previously serving as CEO of RES Digital Solutions and Chief Data Officer at Anglo American (JO:AGLJ). Meanwhile, David Buzby, who served as Interim CEO, will continue as Chair of the Board. In another development, board member Jane Woodward (NASDAQ:WWD) resigned from her position, effective January 31, 2025. Her departure was due to personal reasons and not related to any disagreements with the company’s operations or policies. Stem, Inc. has not yet announced a successor or the process for filling the board vacancy. These changes come as the company navigates a competitive industry landscape, with investors closely watching the strategic initiatives and adjustments in leadership.
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