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By Dhirendra Tripathi
Investing.com – Lazydays Holdings stock (NASDAQ:LAZY) will be under watch when trading starts Monday after a series of eyebrow-raising developments involving a two-stage CEO departure unfolded at the RV dealership operator just before the extended Christmas weekend.
As revealed in a filing after Thursday's close, the saga started December 17 when William P. Murnane resigned as Chief Executive Officer of the company and its subsidiaries effective March 16, 2022, while continuing to be the Chairman. Five days later, on December 22, he quit the post of Chairman as well, this time with immediate effect and in a curter resignation letter. The next day, the company decided to accelerate the date of his termination to January 1. Lazydays' board went on to elect Christopher S. Shackelton as Chairman of the Board with immediate effect and appointed director Robert T. DeVincenzi as interim CEO, effective January 1.
Mr. Shackelton said, “On behalf of the Board of Directors, I thank Bill for his many important contributions over the past five years as CEO and the past 12 years as Board Chairman. Bill has overseen the Company’s national expansion while building on our strong relationships with OEM partners and growing our loyal and passionate customer base. We wish him all the best in the future.”
The stock had closed 2.9% higher Thursday, and then traded 1.3% lower in after-hours.
Third-quarter revenue at the company rose 48% year-on-year to $319 million as the recreational vehicle boom, inspired by pandemic-related travel restrictions and the need to socially distant, continued to provide a tailwind for the company. RV unit sales excluding wholesale units, were 3,609 for the quarter, up 39%.