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RumbleOn, Inc. (NASDAQ:RMBL), a company specializing in computer programming services with a market capitalization of $101.65 million, has announced the departure of two key executives. The news comes as the stock trades near its 52-week low of $2.61, having declined over 50% year-to-date according to InvestingPro data. Tiffany Kice, the Chief Financial Officer, and Brandy Treadway, the Chief Legal Counsel, will both be leaving the company effective today. The announcement was made in a recent filing with the Securities and Exchange Commission.
The departure of Kice comes as part of a termination notice provided by RumbleOn on March 31, 2025. Kice’s exit follows an employment agreement dated June 24, 2024. The company is expected to enter into a separation agreement with her. Michael Quartieri, Chairman of the Board and Chief Executive Officer, will assume the role of Interim Chief Financial Officer until a permanent replacement is found. The transition comes at a challenging time, with the company reporting a negative return on equity of -110% and an EBITDA of $38.9 million for the last twelve months.
Similarly, Treadway received a termination notice on the same day as Kice. Her departure is also in line with an employment agreement, this one effective as of February 12, 2024. RumbleOn plans to finalize a separation agreement with Treadway as well.
RumbleOn has stated that it will provide an amendment to the current report on Form 8-K once the separation agreements with both Kice and Treadway have been executed. The company’s filings reflect these changes as part of its regular reporting obligations under the Securities Exchange Act of 1934.
The company, headquartered in Irving, Texas, is navigating this transition while continuing its operations in the technology sector under the SIC code for computer programming services. The details of the separation agreements or the reasons for the departures have not been disclosed in the filing. For deeper insights into RumbleOn’s financial health and future prospects, InvestingPro subscribers can access comprehensive analysis, including 12 additional ProTips and detailed financial metrics in the Pro Research Report.
This move comes as part of the company’s ongoing management restructuring, with Quartieri’s additional role as interim CFO indicating an immediate strategy to ensure financial leadership continuity. The search for new executives will be an important step for RumbleOn as it moves forward with its business objectives.
Investors and stakeholders of RumbleOn will be closely monitoring the impact of these executive changes on the company’s performance and strategic direction. The information is based on a press release statement.
In other recent news, RumbleOn, Inc. reported a significant earnings miss for Q4 2024, with an earnings per share (EPS) of -$1.58, well below the forecasted -$0.29. The company’s revenue also fell short, reaching $269.6 million against an expected $279.9 million, marking a 13.4% year-over-year decline. Despite these challenges, RumbleOn achieved a positive adjusted EBITDA of $2.2 million, showing improvement from the previous year’s slight loss. DA Davidson analysts responded by lowering the price target for RumbleOn’s shares from $5.00 to $4.00, maintaining a Neutral rating, following the company’s sales figures that lagged behind consensus estimates.
Additionally, RumbleOn announced the appointment of Rachel Richards as a new independent director, filling the vacancy left by Michael Kennedy’s resignation. Richards, with extensive experience in the automotive sector, will serve on the Nominating & Corporate Governance Committee. The company’s management continues to focus on cost reduction and financial stability amid ongoing challenges in the powersports industry. RumbleOn has also decided to discontinue its Vision 2026 plan, shifting its focus towards profitability and shareholder value.
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