Shares of powersports platform operator RumbleOn (NASDAQ:RMBL) are taking a tumble at the time of writing today after the company’s CEO and Director Marshall Chesrown tendered his resignation as the CEO.
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Me. Chesrown will continue to be a part of RumbleOn’s Board which, has now set up an Executive Transition Committee to hone in on suitable candidates for the role. Importantly, Rumble On was made aware of allegations regarding Mr. Chesrown’s usage of the company’s resources and the company’s independent directors have roped in independent counsel to assist in the process of an investigation.
Further, RumbleOn is yet to make any determinations regarding the allegations and the key development comes at a time when the company is looking to put in place major governance changes, refresh its Board, and boost corporate governance.
Overall, the Street has an $11.75 consensus price target on RMBL alongside a Strong Buy consensus rating. At the same time, shares of the company have dropped nearly 20% over the past five sessions with short interest in the stock now hovering at nearly 28%.
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