Lightspeed Commerce founder Dax Dasilva returns to the helm of the cloud commerce specialist. CEO Jean Paul Chauvet is leaving the company.
The company actually made the announcement Thursday, before the stock markets opened. The changing of the guard comes a week after the company’s most recent quarterly earnings release.
The press release does not mention the reasons for this change of guard, other than the fact that Mr. Chauvet “resigned”. Since Mr. Chauvet took office, the company’s shares have lost almost half of their value on the stock market.
When the results were published last week, Mr. Chauvet said in an interview that the share value did not reflect the company’s progress. “There’s something I can’t understand. In any case, the company is in a great position. We are very happy with our quarter. »
Mr. Chauvet joined the management team of the Montreal cloud commerce company in 2012 and became a member of the board of directors the following year. President of the company since 2016, he played a key role in the company’s listing and in the launch of the Lightspeed Payments platform. He replaced Mr. Dasilva in 2022.
Mr. Dasilva was the President and CEO of the company he founded in 2005, until February 2022. He then served as Chairman and CEO of the Board of Directors.
Under the leadership of Mr. Chauvet, Lightspeed has adjusted its strategy in recent quarters by redoubling its efforts on the integration of its payment service and by focusing on customers who generate greater gross transaction value (GTV).
Mr. Chauvet also mentioned that achieving earnings before interest, taxes, depreciation and amortization (EBITDA) was “non-negotiable,” a goal that has now been achieved for two quarters.
In the press release, Mr. Dasilva did not give details on a change of strategy. “Our achievements last quarter [sont] the demonstration of our potential and I want to build on this momentum, he comments in a press release published in English. My vision is clear: support a business model that brings growth, prioritizes profitability and makes efficiency gains in order to create value for shareholders. »
The stock gained 20 US cents, or 1.48%, to US$13.75 on US over-the-counter markets before the markets opened. The stock is also listed on the Toronto Stock Exchange.