A stock that could well garner the attention of investors today is Power Solutions International Inc (OTCMKTS:PSIX), which made a key announcement on Thursday.
Market Action
On Thursday, PSIX stock ended flat at $2.20 with 46 shares, compared to its average volume of 1.6K shares. The stock moved within a range of $2.2000 – 2.2000 after opening trade at $2.20.
Power Solutions International Announces Leadership Transition
The company is involved in the manufacturing, engineering, and design of power systems and engines which are emission certified. However, the announcement was of a different nature. It was announced that the Board of Directors at Power Solutions had decided to appoint C Xykis, the current Chief Technical Officer of the company to the role of the interim Chief Executive Officer. Xykis would be working on both roles.
The appointment of a new CEO is almost always a major development for any company and it is going to be interesting to see how the investors react today. The appointment went into effect on June 1. Xykis is going to succeed Lance Arnett in the role of the CEO at Power Solutions.
The chairman of the company’s board and the executive committee FabrizioMozzi noted that there was utmost confidence that Xykis was going to be able to lead the company effectively on a temporary basis. He went on to add that the company was actively searching for a permanent CEO.
Key Quote
Fabrizio Mozzi, Chairman of the Board and the Executive Committee, commented, “We are grateful for Lance’s contributions to PSI and wish him well in the future. In the meantime, the Board has the utmost confidence in Dino’s ability to lead PSI as interim CEO until such time that we name a permanent CEO, which the Board is actively searching for. We look forward to working closely with him to continue executing on our business objectives and on the achievement of the 2022 outlook that we laid out in May, which includes the full year 2022 sales growth of at least 3% and for our gross profit as a percentage of sales to improve by at least 5 percentage points versus 2021.”
Traders Note
PSIX stock is trading below the 50-Day and 200-Day Moving averages of $2.14 and $2.45 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 50.
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