The Appen Ltd (ASX: APX) share price is falling on Monday morning.
At the time of writing, the embattled artificial intelligence (AI) data services company's shares are down 3% to an all-time low of 27 cents.
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Why is the Appen share price falling?
Investors have been selling the company's shares today after it announced the sudden exit of its CEO, Armughan Ahmad, after just 12 months at the helm.
According to the release, Ahmad has stepped down from Appen with immediate effect to pursue new challenges.
Prior to today, the Appen share price was down 88% during his tenure.
Appen's chair, Richard Freudenstein commented:
Armughan has been CEO during a period of great change at Appen. Having overseen a new strategic direction and re-sizing of the business, Armughan has decided to pursue new challenges. We wish him well for the future.
Ahmad has not commented on his exit.
New CEO appointed
Appen has moved quickly to replace Armughan Ahmad.
The release reveals that its chief operating officer, Ryan Kolln, will commence in the role of CEO and managing director from today.
Kolln joined Appen in 2018 as vice president of corporate development. He led strategic acquisitions like Figure Eight and Quadrant, and supported the establishment of the China and Federal divisions.
Freudenstein spoke positively about Kolln's ascension to the top job, highlighting his "extraordinary contributions to Appen over the years." He adds:
The Board is excited to appoint Ryan as CEO. He has a deep understanding of Appen's history, a strong technical understanding of the AI market, and a proven strategy background. This unique combination is ideal to guide Appen through its next phase and navigate the evolving generative AI market.
Time will tell if this appointment makes any difference to Appen's outlook or if it is ultimately too little late.
