Israel's ClickSoftware Technologies (CKSW +0.00%) lost one of its two co-chief executive officers today.
On Tuesday, ClickSoftware announced that co-CEO and 17-year company veteran Hannan Carmeli has resigned from his post and will leave the company after staying long enough "to ensure a smooth transition." Company founder Moshe BenBassat will stay on as sole CEO.
Chairman of the Board Israel Borovich explained the move as being inspired by a board determination "that having two leaders at the top of the Company was not practical, and that it was in the Company's best interest to revert back to a more conventional structure of leadership under one CEO." Borovich thanked Carmeli "for over 17 years of dedicated service to the Company, and wish[ed] him all the best for the future."
BenBassat noted that going forward, the company "continues to execute on its strategic plan through our powerful business mobility apps and our Cloud-based solutions for both large and small enterprises."
Investors nonetheless reacted negatively to the news, sending ClickSoftware shares down 1.5% to close at $6.78 per share.
