LegalZoom.com, Inc. (NASDAQ:LZ) shares are trading lower after-hours Tuesday after the company announced a CEO transition and lowered its full-year guidance.
The Details: LegalZoom announced its current CEO Dan Wernikoff is stepping down and resigning from the company's board of directors. The company said the Board of Directors Chairman, Jeffrey Stibel, was named LegalZoom’s next CEO, effective immediately.
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“I am thrilled to be taking on this new challenge across a $51 billion serviceable addressable market with our amazing team,” said Stibel.
“Given our leading brand position and the progress we have made shifting our business towards subscription revenue, I believe that LegalZoom is well positioned to disrupt the legal and compliance services industry focused on serving small businesses and consumers."
LegalZoom also cut its revenue guidance for the full year to a range of $675 million to $685 million, versus the $710.353 million estimate, and its free cash flow expectation for the full year to a range of $75 million to $85 million.
The company reiterated its second-quarter revenue guidance to be in the range of $172 million to $176 million and adjusted EBITDA in the range of $25 million to $27 million.
LZ Price Action: According to Benzinga Pro, LegalZoom shares are down 7.64% at $7.64 after-hours at publication Tuesday.
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