This Beaten-Down Software Stock Has a New CEO: Time to Buy?
Shares of open-source big data software company Cloudera (NYSE: CLDR) had been without a permanent CEO ever since former CEO Tom Reilly announced his resignation back in June. However, on Jan. 13, the company announced it had selected Rob Bearden, former Hortonworks founder and CEO, and current Cloudera board member, for the role.
Bearden had been on Cloudera's board since it merged with Hortonworks back in January of 2019, but ceded the CEO role to Reilly at that time. But when Cloudera ran smack into a big growth slowdown and Reilly announced his resignation back in June, the CEO spot opened back up.
In addition to Bearden's appointment, Cloudera also named Nicholas Graziano as its new Chairman of the Board of Directors. This is another important development, as Graziano is currently a portfolio manager at Icahn Capital LP, a subsidiary of Icahn Enterprises (NASDAQ: IEP), which took a massive stake in Cloudera this summer after the June swoon. While Cloudera has more than doubled off its lows since that time, the stock still only trades at around half its all-time highs set back in early 2018.
Source Fool.com