HOLTSVILLE, N.Y.—Stocks for mobile data device maker Symbol Technologies Inc. took a dive after the company reported its fourth-quarter earnings and announced its president and chief executive officer resigned.
Jerome Swartz, Symbol’s chairman and founder, will replace Tomo Razmilovic, the company’s former president CEO. Swartz held the position for 20 years before being succeeded by Razmilovic two years ago.
“The Board believes a new generation of leadership is necessary for Symbol to take full advantage of its world-class technology assets and increase long-term shareholder value,” Swartz said. “As we move forward, I will work closely with Rich and the board to identify additional talent, both internally and externally, to further augment our management team as we build on Symbol’s solid foundation to execute the company’s growth strategy for the future.”
Symbol reported revenues of $331.1 million, down from the $414.8 million the company earned during the same quarter last year.
The company’s stock dropped 25 percent to about $8.82 per share following the news.
