Just a coincidence? According to a company spokesman, that’s what they’re calling the departure of three of Demand Media’s (NYSE:DMD) key players all leaving the company today.
Founders and EVPs Larry Fitzgibbon, Joe Perez, and Steven Kydd oversaw international operations, product, and video, respectively.
“The departures, she said, had nothing to do with contracts around the company’s IPO — that lock up, in fact, expired in August last year,” paidContent’s Ingrid Lunden reports.
Here’s how shares are reacting to the departures:
Demand Media Inc (NYSE:DMD): DMD shares recently traded at $6.53, down $0.2, or 2.97%. They have traded in a 52-week range of $5.24 to $27.38. Volume today was 100,359 shares versus a 3-month average volume of 360,374 shares. The company’s trailing earnings are $-0.36 per share.