- Push-out Score determined
- After less than two years in the position
- Praise for Banks
- Brett White taking over temporarily
- Search for a successor
- Banks said 78 words
(exechange) — Lehi, Utah, August 3, 2022 — Roy Banks, chief executive of Weave, leaves. As announced by Weave Communications Inc. in a news release and in a regulatory filing published on Wednesday, August 3, 2022, Roy Banks leaves his post as chief executive officer at the customer communications and engagement software platform, after less than two years in the role, effective August 15, 2022.
Weave will undertake a search for a successor.
Roy Banks’s duties as CEO will be taken over temporarily by Brett White, currently President and Chief Operating Officer at Weave Communications Inc., as Interim Chief Executive Officer.
“Personal reasons”
Roy Banks’s departure from the CEO post is explained as follows. Weave said: “Roy Banks, the Company’s Chief Executive Officer (“CEO”) and a member of the Company’s Board of Directors, is stepping down as CEO for personal reasons, effective August 15, 2022, and has agreed to provide transition services thereafter until September 2, 2022, at which time he will resign from the Board.”
Precise information regarding Roy Banks’s future plans was not immediately available.
Share price decline since December 2021
The announcement follows a decline in Weave Communications Inc.’s share price of 71% since December 2021.
In the position of CEO since 2020
Roy Banks became CEO of the Company in 2020.
Roy Banks will remain in an advisory role and will also remain a member of the board of directors through September 2, 2022.
Roy Banks has served as the Company’s Chief Executive Officer since December 2020 and as a member of the Company’s board of directors since August 2021.
He has significant experience in the high-tech software development, e-commerce, internet marketing, and payment processing industries.
Prior to joining the Company, he served as the Chief Executive Officer Partner of Tritium Partners from July 2019 to August 2020.
Prior to that, he was the President of the LoadPay Business Unit from July 2018 to March 2019 and a board member for Truckstop from May 2017 to March 2019.
He also served as the Chief Executive Officer of Network Merchants Inc. from May 2014 to May 2018.
In addition to his role as Chief Executive Officer of the Company, Banks also currently serves as a Venture Partner for Pelion Venture Partners and as a director on the board of directors of Oportun Financial Corporation.
Banks holds a B.S. Degree in business management from Utah Valley University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Roy Banks’s move on a scale of 0 to 10.
exechange reached out to Weave and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2022 ($).