UiPath shares tank 30% after company announces CEO shakeup

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Co-founder Daniel Dines will return as sole CEO, less than five months after he ceded power to former Google executive Rob Enslin.

UiPath co-founder Daniel Dines will assume the CEO job later this year, replacing his onetime co-CEO Rob Enslin after just five months on the job.Dines founded UiPath in 2005 and brought in Enslin to help grow and mature the company's operations.

Dines co-founded UiPath in 2005 with Marius Tirca. The company makes software which automates repetitive and"menial" tasks, but its stock has suffered under Enslin's sole leadership. Shares are down 26% year-to-date, after the company debuted in one of the But CFO Ashim Gupta also warned that sales cycles for larger, multi-year deals were elongating and that customers were subjecting UiPath to"increased deal scrutiny," and that those factors along with the leadership reshuffle weighed on its updated full-year guidance.

 

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