Canoo (NASDAQ:GOEV) stock is getting a boost on Tuesday as investors react to the company naming its new Chief Financial Officer.
Greg Ethridge is taking over as the next CFO of Canoo. This has him replacing Ken Manget. It will also see Ethridge resign from the company’s board of directors by the end of the year. As CFO, he will report directly to Chairman and CEO. Tony Aquila.
The Canoo CEO said the following about Ethridge taking over as CFO:
“I am pleased to announce the appointment of Greg to Canoo’s executive management team. Greg has served on the Canoo board since 2020 and has a strong understanding of our business strategy and long-term plans. I’m grateful for the hard work that Ken delivered and wish him the best in the future.”
The change in CFOs comes after Manget joined Canoo in February. While the reason for his departure isn’t outlined by Canoo, investors likely already know why he’s being replaced. Shares of GOEV stock are down 47.8% since the start of the year.
GOEV Stock Reaction
Following news of Manget’s departure and Ethridge taking over as CFO, some 20 million shares of GOEV stock have changed hands. For comparison, the company’s daily average trading volume is about 37 million shares.
GOEV stock is up 1% as of Tuesday morning.
There’s even more stock market news traders are going to want to read about down below!
We have all of the latest stock market stories that traders need to know about on Tuesday! Among them is a new price target for Oracle (NYSE:ORCL) stock, Catalent (NYSE:CTLT) stock climbing on a deal with Elliott Investment Management, and the latest on Yellow Corp (OTCMKTS:YELLQ). Investors can read up on all of these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
