Irvine-based vehicle tracking and management company CalAmp (Nasdaq: CAMP) said CEO Jeff Gardner will step down by Oct. 30, and that it has started a search for his successor. The company’s shares fell 18% after the announcement.
“Jeff’s leadership and his commitment to the company have helped to guide CalAmp through the COVID-19 pandemic and the global supply chain crisis,” said Henry Maier, chair of CalAmp’s board of directors.
Gardner was appointed CalAmp’s president and CEO on July 2, 2020 after serving as the interim president and CEO since March 25, 2020, and has served as a member of CalAmp’s Board since 2015.
Shares in CalAmp were trading at $1.72 apiece for a market cap of $64 million after the announcement. They were trading at $4.91 apiece a year ago.