What happened
The stock of action camera maker GoPro (GPRO -2.86%) wasn't a go-to for investors on Monday. It slid by about 2.4% on the day, in contrast to a less than 0.1% gain for the S&P 500 index. A long-serving figure at the company is departing, and that may be generating some concern among shareholders.
So what
In a regulatory filing submitted late on Friday, GoPro revealed that James Lanzone, a member of its board of directors, will not stand for reelection at the company's next annual general shareholder meeting. This means he is essentially stepping down from his position.
In the tersely worded filing, GoPro said that his decision "did not result from any disagreement with the company." It didn't provide any reasons for his move.
While director exits don't usually cause a great deal of concern, Lanzone's departure feels as if it'll be a loss. He has served on GoPro's board since August 2018, and is a seasoned tech industry veteran. Since September 2021, he has served as the CEO of Yahoo!, the storied web portal that is now majority owned by private-equity firm Apollo Global Management.
Prior to that, he was CEO of Match Group's popular Tinder dating app, and among other positions was chief digital officer of the entertainment company now known as Paramount Global.
Now what
GoPro did not say in its filing whether it had a potential candidate lined up to succeed Lanzone. It shouldn't have that much trouble finding someone with comparable breadth and experience, but then again, executives of his stature don't exactly grow on trees. No one should fear for GoPro as a company because of this, but the departure of such an experienced veteran is never the most positive development.
