Shares of Phunware Inc. $(PHUN)$ are down 9.4% in premarket trades after the mobile-advertising company said that CFO Troy Reisner is stepping down. Reisner notified the company on Nov. 1 that he intends to step down as CFO on or after Nov. 15, 2024 and prior to November 30, 2024, according to an SEC filing. "Mr. Reisner's pending departure from the Company is not due to any disagreement with respect to any matter relating to the Company's operations, policies or practices or any issues regarding accounting or other financial policies or practices," Phunware said, and has initiated a search for potential candidates to replace him. "Until the Company engages a replacement for Mr. Reisner, the Company's Interim Chief Executive Officer, Stephen Chen, will work with the Company's Vice President of Accounting and Financial Reporting, Brendhan Botkin, to assume the duties as principal financial officer and principal accounting officer of the Company," Phunware added. The Trump-related company has seen some significant leadership changes recently - last month Phunware announced the retirement of Chief Executive Mike Snavely, which sent its stock tumbling. After rallying for most of October, the stock is on pace to extend its losing streak to six days. Shares of Phunware, like Trump Media & Technology Group Corp. $(DJT)$ have soared in recent weeks, and are up 89.3% in the last three months. Phunware garnered plenty of attention after the company developed and launched a mobile app for the Donald Trump's 2020 re-election campaign.

-James Rogers

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November 04, 2024 07:15 ET (12:15 GMT)

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