Surveillance camera maker Avigilon Corp. (TSX:AVO) announced September 2 that it has shuffled its management team, sending its share price down more than 10% to lows not seen since the spring of 2013.
The most significant change is that Bryan Schmode has resigned as COO, but he will stay on in a consulting capacity. Former senior vice-president Collis Heath has also left the company.
Some other recent resignations include Pedro Simoes, who was senior vice-president of global sales and Danny Cam, who was vice-president of engineering.
The move also comes little more than six months after the company announced a plan to pay $42 million on real estate – an office tower on Robson Street in which it intends next year to move hundreds of its approximately 1,000 worldwide staff.
Avigilon has seven major departments: product development, sales, marketing, operations, finance, legal, and human resources.
People in those departments previously reported to Schmode and will now directly report to the company’s founder, CEO and chairman, Alexander Fernandes.
“This reorganization is the culmination of recent management changes designed to foster a nimble and dynamic culture,” Fernandes said in a release. “Avigilon outpaces its competitors, and our refreshed leadership structure supports this fast pace by facilitating efficient decision-making and innovation.”
Shareholders, however, did not respond well to the news, and sent Avigilon shares down 10.64% to $12.37 at the close of trading – a level not seen since spring 2013.
Avigilon had been a stock market darling, climbing to an all-time high $34 in January 2014. Since then the stock has fallen more than 63%.
