MicroStrategy Inc. (MSTR - Get Report) shares tumbled Monday after the provider of business intelligence, mobile software, and cloud-based services disclosed that two senior executives had resigned and that it would look for a new chief financial officer.
The Tysons Corner, Va., company's shares were trading down 10% at $126.01.
MicroStrategy said in an SEC filing that Kevin Norlin and Stephen Holdridge had tendered their resignations. Phong Le, chief operating officer and CFO, effective immediately takes the duties of worldwide sales and services, the filing said.
"By having Mr. Le assume leadership of the sales and services businesses at this time," the filing said, "the company is flattening the organization and streamlining leadership of its revenue-generating businesses, further aligning Mr. Le's responsibilities as chief operating officer with the Company's strategic vision and revenue growth objectives."
MicroStrategy has begun a retained search for a new CFO, the filing said. Le will continue as CFO until a successor is appointed.
In February, the company, which was founded in 1989, said that it had "material weaknesses" in its internal controls over financial reporting.
The weaknesses included "ineffective information technology risk assessment over the implementation of a new IT application and ineffective monitoring over the post-implementation operation of certain applications," according to an SEC filing.