By Stephen Nakrosis
Shares of travel platform Mondee Holdings were trading in the red in after-hours action following news Chief Executive Prasad Gundumogula would take a leave of absence, effective Nov. 25.
He will continue to serve as a director and chairman of the board for the company, Mondee said Tuesday.
In late trading, shares of the company had fallen 21% to trade at 75 cents. The stock finished the day with a 6% loss, closing at 95 cents.
Year to date, the stock has fallen 65%.
Chief Financial Officer Jesus Portillo was named as interim CEO, effective Nov. 25, and will also continue in his duties as CFO, according to Mondee.
Portillo will receive an increased annualized base salary of $500,000, from $350,000, and will be named to the company's board.
Also on Tuesday, Mondee said it received a non-compliance notice from Nasdaq, due to the company's failure to timely file its form 10-Q with the Securities and Exchange Commission.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 26, 2024 18:37 ET (23:37 GMT)
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