Business communications software company 8X8 Inc. disclosed Wednesday that it has “terminated its employment relationship” with Chief Executive David Sipes, after about two years under his leadership. The company had announced the appointment of Sipes as CEO on Dec. 10, 2020. Since the close of trading that day, the stock has plunged 85.5% through Tuesday, while the S&P 500 has gained 7.9%. The company said the termination was “without cause.” 8X8 named Samuel Wilson, who has been chief financial officer since June 2020, as interim CEO. 8X8’s search for a permanent CEO will include both internal and external candidates. The stock, which was still inactive in premarket trading, has bounced 37.7% since closing at an 11-year low of $3.02 on Oct. 10, but has still shed 21.1% over the past three months, while the S&P 500 has slipped 0.7%.
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