Why Sierra Wireless Stock Skyrocketed Today

Shares of Sierra Wireless (NASDAQ: SWIR) have skyrocketed today, up by 13% as of 12:05 p.m. EST, after the company announced that its CEO would retire. The company also offered some bullish commentary regarding fourth-quarter results.

CEO Kent Thexton is retiring and will stay in the role until June 30 to ensure an orderly transition. Sierra's board has already started to look for a successor and has tapped an executive search company to help. The wireless technology company, which specializes in providing modules for the Internet of Things (IoT), has grown its recurring-revenue base under Thexton's tenure as CEO, which began in 2018.

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Source Fool.com