Following The Resignation Of Megaport's CEO, Shares Plunge To A Nine-Month Low

The shares of Megaport Ltd. have plunged to their lowest level in nine months as the Australian technology company announced the resignation of its chief executive officer.

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A 24.6% drop in the price of the stock has led to it ranking as the worst-performing component of the S&P/ASX 200 benchmark index on Tuesday, as it was down 14% at 4.95 Australian dollars (US$3.33). That level was last reached in June of 2022, which is almost two years ago.

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After six years as Megaport's CEO, Vincent English has resigned from his position with immediate effect. Bevan Slattery, the company's founder, and the chairman will serve as interim chief executive while the search for a successor begins, although no reason was given for his departure.

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Despite Megaport's December quarter results falling short of market expectations, the company announced last month that it had engaged external consultants to review its operational efficiency as part of its review. The balance sheet of the company has been the subject of some concern among analysts.

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There has been a 22% decline in the stock so far in 2023.