Gogo Inc (NASDAQ:GOGO)., known for providing wireless entertainment systems on airplanes, experienced a significant drop in its stock value, with shares falling up to 8.9% on Tuesday. This marked the steepest intraday decline since August.
The dip came as the company announced a series of executive changes ahead of finalizing its acquisition of Satcom Direct.
The company confirmed that Christopher Moore, previously the president of Satcom Direct, will take the helm as CEO upon the completion of the acquisition.
Gogo’s current CEO, Oakleigh Thorne, is set to step down from his role but will continue his involvement with the company as the executive chair.
Additionally, Gogo has announced internal promotions, including Mike Begler, who will serve as the new chief operating officer, and Zachary Cotner, who will take on the responsibilities of chief financial officer.
These appointments come as Jessica Betjemann, the current CFO, steps down in conjunction with the closing of the Satcom transaction.
The acquisition of Satcom Direct has been a point of interest for investors since it was announced on September 30, following which Gogo’s shares saw an increase of 3.4%.
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