The smartwatch brand's CFO, Bill Zerella, announced his departure on Wednesday, June 6. Zerella has reportedly taken a position with an autonomous driving startup. Shares tanked 3% in morning trading.
Earlier this week, the stock surged after it posted a strong first quarter earnings in May, beating analysts' expectations.
It also announced that it had sold over a million Versa watches, the brand's newest smartwatch and Apple Watch competitor.
However, when the market closed on Wednesday, June 6, Fitbit had jumped up 2.2%, recovering from the loss throughout the day.