Zscaler Inc. (NASDAQ: ZS) has only been a public company for less than two months and it is already facing a big challenge. The company’s shares slid on Thursday after it announced that its chief operating officer would be resigning.
According to Zscaler, William Welch will resign as COO but will remain with the company through May 14, 2018.
Welch commented on his departure:
It has been a pleasure working with Jay and the Zscaler team. Zscaler is extremely well-positioned to secure customers’ IT transformation to the cloud, and I wish the team all the best going forward. I am excited to pursue my career aspirations to take on a more senior executive role at a leading technology company.
Looking ahead, CEO Jay Chaudhry, added:
We have strong sales leaders running our Americas and international markets, who will continue to drive our business. Bill’s decision had no impact on our third quarter financial results, which we will report on June 6, 2018.
The consensus estimates from Thomson Reuters call for a net loss of $0.08 per share on $45.98 million in revenue for the coming quarter.
Since its IPO, this stock has suffered, with shares down just over 9% in this time.
Shares of Zscaler were last seen down about 9% at $27.35, with a consensus analyst price target of $30.92 and a 52-week range of $26.06 to $34.83.