MONTREAL — Lightspeed Commerce Inc. has appointed a new chief executive as the company's quarterly net loss widened and its share price collapsed months after the company was accused by a short seller of misleading investors.
The Montreal-based tech company says its president JP Chauvet will immediately replace founder Dax Dasilva who becomes executive chair of the board.
The company did not share why it made the move, but said the appointments were part of long-term succession planning.
The company also says its net loss grew in the third quarter to US$65.5 million or 44 cents per share, compared with a net loss of US$42.7 million or 39 cents per share a year earlier.
Lightspeed says its revenue for the period ended Dec. 31 totalled US$152.6 million, up from US$57.6 million during the third quarter of 2021.
The company was expected to lose 39 cents per share on US$143.4 million in revenues, according to financial data firm Refinitiv.
"In his nine years at Lightspeed, JP has proven his strategic acumen, pioneered our go-to-market strategy, led our product teams, and played a critical role in launching Lightspeed Payments," Dasilva said in a news release.
Founded in 2005, Lightspeed has been facing turmoil since September, when Spruce Point Management accused it of hiding massive inflation and misleading investors around its growth potential.
Its shares have dropped by 20.2 per cent so far this year and are down 75.4 per cent from a high of $165.87 in September.
This report by The Canadian Press was first published Feb. 2, 2022.
Companies in this story: (TSX:LSPD)
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