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Lazyday Under Focus After Drama Surrounding CEO’s Exit -Breaking

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© Reuters.

By Dhirendra Tripathi

Investing.com – Lazydays After a number of shocking developments at an RV dealer operator, including a CEO resignation in two stages, Holdings Stock (NASDAQ:), will be closely monitored when trading begins Monday.

This is what was revealed in a filingThe saga began December 17, when William P. Murnane quit as the Chief Executive Officer for the company’s subsidiaries and effective March 16, 2022. He also continued to serve as the Chairman. On December 22, Murnane resigned as Chief Executive Officer of the company and its subsidiaries. He also remained Chairman. This time, he did so with immediate effect. His termination was accelerated to January 1 by the company the next day. Lazydays appointed Robert T. DeVincenzi, director, interim CEO effective January 1, and Christopher S. Shackelton was elected Chairman of the Board.

Mr. Shackelton said, “On behalf of the Board of Directors, I thank Bill for his many important contributions over the past five years as CEO and the past 12 years as Board Chairman. Bill has overseen the Company’s national expansion while building on our strong relationships with OEM partners and growing our loyal and passionate customer base. We wish him all the best in the future.”

Stock closed at 2.9% higher than Thursday and traded 1.3% lower after-hours.

The company’s third quarter revenue increased 48% to $319million year-on-year. This was due to the continued success of the recreational vehicle boom. It is fueled by travel restrictions related to the pandemic and the need for social distance. For the quarter, 3,609 RV units were sold, 39% higher than wholesale.

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