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home / news releases / PRPL - Purple Innovation slides after CEO change revised 2021 outlook

PRPL - Purple Innovation slides after CEO change revised 2021 outlook

Purple Innovation Inc.
Purple Innovation (NASDAQ:PRPL) has slumped 12.65% after-hours after announcing CEO change and a revised 2021 guidance. Robert DeMartini has been appointed as acting CEO and a member of the Board of Directors, effective immediately, replacing Joseph Megibow, who is stepping down. Megibow has agreed to be an advisor to the new CEO to ensure a smooth transition. DeMartini holds 37-years of work experience. He was President and CEO of New Balance from 2007 to 2019. In other news, Purple Innovation has revised its outlook for 2021, expecting net revenue and adj. EBITDA at the low end of the prior guidance ranges. In its press release dated Nov. 09, the company had guided for 2021 net revenue to be between $720M-$740M (consensus: $728.34M) and adj. EBITDA between $15M-$25M. Learn why PRPL is at high risk of performing badly

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Purple Innovation slides after CEO change, revised 2021 outlook
Stock Information
Company Name: Purple Innovation Inc.
Stock Symbol: PRPL
Market: NASDAQ
Website: purple.com
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