Trupanion Shares Drop 14% As Founder Standing Down as CEO Months Ahead of Plan

Dow Jones05-03

By Sabela Ojea

Shares of Trupanion on Thursday dropped 14% to $20.40 in post-market trading after the company said that founder Darryl Rawlings is stepping down as chief executive earlier than expected.

The pet insurance provider said that Rawlings, who will remain chair of the board, will be succeeded by Margi Tooth starting on Aug. 1.

When Trupanion first disclosed its succession plan, the company said Rawlings would be replaced as CEO in 2025 with the intention of serving as chair until 2035.

Rawlings took over as chair of the company in January of 2023, replacing Murray Low, who later assumed the role of lead independent director of the board.

The company's shares have lost 32% of their value over the past year.

Before being promoted to president of the company, incoming CEO Tooth held the company's chief marketing officer and chief revenue officer positions.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

May 02, 2024 18:23 ET (22:23 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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