Why the ClearVue (ASX:CPV) share price is plummeting today

The ClearVue Technologies Ltd (ASX: CPV) share price is falling hard today. This comes after the company announced changes to its executive team.

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The ClearVue Technologies Ltd (ASX: CPV) share price is falling today. This comes after the technology company announced changes to its executive team.

At market open, the company's shares kicked off at 31 cents before plummeting to around 26 cents and stabilising momentarily.

At the time of writing, the ClearVue share is down 14.5% to 26.5 cents.

What happened?

ClearVue advised that its interim CEO Kenan Jagger has handed in his resignation notice.

While Mr Jagger serves out his notice period, he will assist in the transition to incoming new management.

In this morning's release, the ClearVue board thanked him for his positive contributions over the last 2 years, in which he served as chief commercial officer before taking the helm as interim CEO. Mr Jagger was recognised in his efforts to improve sales, marketing, and investor relations activity.

The company advised it was pursuing a replacement with extensive experience, in order to continue moving the global ClearVue business forward.

In addition, the chase for a European CEO, as well as sales and marketing specialists in the United States is also ongoing. The company is developing its global roll-out strategy, and is searching for a leadership team in its tier 1 territories.

ClearVue stated it will update the market in the coming weeks with the inclusion of a European CEO, and other key management roles.

About the ClearVue share price

Despite today's decline, the ClearVue share price has performed relatively well over the past 12 months. Up more than 54% in that time, despite the company's shares witnessing a drop in March due to COVID-19.

Falling to an all-time low of 5 cents, the ClearVue share price settled around the mid-teens before moving on an upwards trajectory.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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