Upwork (UPWK) Shares Decline after Announcing Search for New CFO

September 22, 2022 1:31 PM EDT

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Upwork Inc. (NASDAQ: UPWK) announced Thursday that it has launched a search for a new Chief Financial Officer.

The freelancing platform company said in a press release that its current CFO Jeff McCombs, who has held the role since August 2020, will remain with the company until the end of the calendar year to support the transition plan.

"Jeff's deep experience and finance expertise has helped put Upwork in a position of strength for its next chapter, and it has been a pleasure to work alongside him. Jeff and I both agree that now is the right time for a transition, as Upwork continues innovating, evangelizing, and scaling the world's work marketplace," commented Hayden Brown, President and Chief Executive Officer of Upwork.

Upwork shares are down over 7% Thursday. In the last 12 months, the company's stock price has declined by over 72.6%.

Upwork reaffirmed its third-quarter guidance within the same press release, expecting revenue between $156 million and $158 million and an adjusted loss per share between $0.06 and $0.08.

By Sam Boughedda

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