Shares of LegalZoom (LZ) plunged 30% to an all-time low Wednesday as the online legal services provider announced 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Dan Wernikoff was leaving and cut its full-year guidance.

The🦩 company reported that 𒐪Wernikoff “will be departing,” and will be replaced by current board chair Jeffrey Stibel, effective immediately. Wernikoff’s had been CEO since October 2019, and took LegalZoom public in 2021.

'Right Time for This Transition'

The company explained that this was the “right time for this transition,” as shifts its focus “towards subscription-based revenue to drไive long-term profitable growth.”

John Murphy, who was appointed Lead Independent Director, explained that the board identified Stibel “as the ideal CEO to lead LegalZoom’s next chapter.” Stibel has been on the board since 2014, and as an entrepreneur helped launch several tech companies. He was also co-founder, along with former NBA great Kobe Bryant, of the 澳洲幸运5官方开奖结果体彩网:venture capital fund Bryant Stibel.

Along with the CEO change, LegalZoom said it was reducing its 2024 revenue outlook to $675 million to $685 million from the previous $700 million to $720 million. It also cut its 澳洲幸运5官方开奖结果体彩网:free cash flow to a range of $75 million to $85 million, compared to its earlier estimate of $85 million to $95 million. The co෴mpany didn’t give a reason for the changes.

LegalZoom shares plummeted more than 30% to $5.44 as of 10:12 a.m. ET Wednesday. They fell to an all-time low $5.33 soon after markets opened.