Perion Network's CEO Exit Meted With Market Approval, Shares Open Up 3%

Perion Network LtdPERI's shares have been dilly-dallying since the open following an announcement from the company Tuesday that its CEO Josef Mandelbaum would step down following a transition period of up to several months.

Chairman of the board Alan Gelman said, "Josef took a small one-product company with $29 million of annual revenue and turned it into a global company with diversified revenues of over $300 million. After six years, the Company and Josef decided that it is the right time to transition to new leadership and focus on moving the business forward and increasing shareholder value."

Related Link: Josef Mandelbaum To Leave Position As CEO Of Perion Network

The company also indicated that it has begun a search for a replacement.

The announcement did not come as a surprise, given Perion's travails over a few botched up acquisitions. Recently, Ronen Shilo, who owns a double-digit stake in the company, has been very vocal about the board's inability to discharge its fiduciary duties. His grouse? The board did not take any action to remove Mandelbaum.

From over $2 until March this year, the stock has fallen over half and is currently trading a little over $1. At time of writing, the stock was down 1.06 percent at $1.24.

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