Skullcandy stock recovering after fall
March 9, 2012
Following a dive in stock value earlier this week, Skullcandy Inc. is close to February’s numbers. Stocks of the popular Park City-based audio accessories company took an eight percent dive Tuesday following an announcement Monday of Chief Financial Officer Mitch Edwards was stepping down from the company.
Since its monthly low when stocks were trading at $13.66 on NASDAQ, down $1.17 from the previous day, the stocks have since climbed back up to nearly match the stock value before the announcement.
Stock values are still below what it was originally trading at when Skullcandy first went public in July 2011, hitting a peak value of $20.65. But trading value is starting to level out.
closing on Thursday, stocks reached a trading value of $14.50, roughly 30 cents away from where stock prices were before falling. The lowest stock value for Skullcandy traded at $11.94 this year in January.
Mitch Edwards left Skullcandy to pursue other interests, including humanitarian activities, the company said.
"Mr. Edwards has played a significant role at the company and was instrumental in the IPO process and our transition to a public company, as well as in closing two important acquisitions," President and CEO Jeremy Andrus told investors. "We thank him for his many contributions and wish him the best in his future endeavors."
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Edwards plans to officially leave the company on April 1, allowing Ron Ross, the vice president of finance, to take over the position until a permanent replacement can be found.
The company said it had signed a separation agreement that provides Edwards with six months of his base salary, continued health care coverage for six months, accelerated vesting of stock options and six monthly payments of matching 401(k) contributions, according to a Securities and Exchange Commission filing.