new York - live person Inc. (NASDAQ: ), a company specializing in enterprise conversational AI, has expanded its board of directors with the appointment of two new members, Dan Fletcher and Karin-Joyce (KJ) Tejon, as announced today. The appointments are aimed at strengthening the Board's expertise in financial and operational strategy to support the company's strategic objectives and enhance shareholder value. Accordingly Investment Prof Statistically, these appointments come at an important time as the company, which is currently valued at $72.48 million, has been facing significant operational challenges with a significant debt load of $470.56 million and a negative EBITDA of $40.28 million over the past twelve months. is
Dan Fletcher joins the board with a wealth of experience in financial and operational transitions in the SaaS industry. As Planful's Chief Financial Officer and an operating principal at Vector Capital Management, LP, LivePerson's largest investor, Fletcher's role is expected to provide valuable financial insight. His previous tenure as CFO at MarkLogic and his current board position at Gappify also contribute to his strategic background.
Karin-Joyce Tjon brings over two decades of executive leadership and board experience in the technology and SaaS sectors. His track record in business transformation and financial restructuring is expected to be beneficial to LivePerson's growth. Tjon has held significant roles, including at Alorica, Inc. Includes CFO and President and COO Scientific games (NASDAQ:), Inc., and he currently owns Solidion Technology, Inc. and Volcon, Inc. serves on the boards of
With these new appointments, LivePerson's board now consists of eight directors, seven of whom are independent, and six who joined in the last two years. These appointments were made after the approval of the shareholders in the annual meeting of the company.
LivePerson is recognized for its Conversation Cloud platform, which is used by leading brands to connect with consumers, facilitating nearly one billion conversational conversations monthly. The platform provides data analytics and security tools to harness the capabilities of conversational AI. The company has been recognized as the #1 Most Innovative AI Company by Fast Company.
The information in this article is owned by LivePerson, Inc. Based on a recent press release statement Investment Prof The analysis shows the company's challenging situation, with revenue down 22% year-over-year to $334.74 million and the stock price falling nearly 79% year-to-date to $0.80. InvestingPro subscribers have access to 13 additional key insights and a comprehensive Pro Research report, offering detailed analysis of LivePerson's financial health and future prospects. It should be noted that statements in the press release that are not historical facts are forward-looking and involve risks and uncertainties that could cause actual events or results to differ materially from expectations due to various factors, including Includes the company's ability to execute business and product plans.
In more recent news, LivePerson Inc. reported Q2 2024 earnings of $79.9 million in revenue and adjusted EBITDA of $8.2 million, above expectations, despite a year-over-year decline in B2B hosted services revenue and core recurring revenue up 17%. and 18% respectively. The company also announced the departure of its chief product and technology officer, Alex Croman, and is actively seeking a successor. In other developments, LivePerson has expanded its stock incentive and employee stock purchase plans, following approval from shareholders.
The company also announced a collaboration agreement with Vector Capital Management, its largest shareholder, and nominated Dan Fletcher, Planful's CFO, to the board. This aligns with the company's strategic objectives and efforts to increase shareholder value. In addition, LivePerson has implemented cost reductions, including divesting Wild Health, resulting in $3 to $5 million in cost savings.
Finally, LivePerson plans to raise new capital to reduce debt, despite an expected sequential revenue decline. The company ended the quarter with $146 million in cash and expects to improve new annual recurring revenue. These are the recent developments that show the progress of the company.
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