GoPro chief out amid restructuring
GoPro shares rose after the video camera maker said its chief executive will resign by the end of the year. The company will also go through a restructuring that will see more than 200 jobs eliminated.
San Mateo, California-based GoPro made no comment on who’d replace Tony Bates, a former Microsoft executive who joined GoPro in 2014.
Last month the loss-making GoPro pledged to return to profit in 2017 and achieve double-digit revenue growth. GoPro said that the layoffs and additional cancellations of open positions would trim its headcount by 15 percent. Most of the $24 million to $33 million cost of the restructuring will be taken in GoPro’s fourth quarter accounts.
Investors bid up GoPro’s shares following news of the job cuts and Bates’ departure. The shares ended up 1.5 percent Wednesday at $9.98.