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MicroStrategy's stock suffering biggest selloff in nearly 4 years after 2 key executives resign

Tomi Kilgore

Shares of MicroStrategy Inc. tumbled 9.1%, on track for the biggest one-day selloff in nearly four years, after the business analytics software company disclosed that two of its 7-member executive team had resigned, and that it will search for a new chief financial officer. The stock was by far the biggest decliner in the iShares Expanded Tech-Software Sector ETF , which fell 0.8% with 81 of 95 components losing ground. MicroStrategy said in a filing with the Securities and Exchange Commission that Kevin Norlin, senior executive vice president of worldwide sales, and Stephen Holdridge, senior executive vice president of worldwide services, tendered resignations. Current CFO Phone Le will assume their duties, effective immediately, and the company will search for a new CFO to allow Le to spend more time on his new responsibilities. The company said in its annual report filed in February that it had "material weaknesses" in its internal controls over financial reporting. The stock, on track for the biggest one-day drop since it fell 14.3% on Oct. 27, 2015, has now slipped 0.4% year to date, while the software ETF has soared 29% and the S&P 500 has gained 19%.