- Push-out Score determined
- After about five years in the position
- Praise, thanks and good wishes for Arnold
- Stephen Sjuggerud taking over temporarily
- Search for a successor
- Arnold said 74 words
(exechange) — Baltimore, Maryland, November 23, 2022 — This news came shortly before Thanksgiving Day. Mark Arnold, chief executive of MarketWise, leaves his position. As announced by MarketWise Inc. in a news release and in a regulatory filing published on Wednesday, November 23, 2022, Mark Arnold has left his post as chief executive officer at the platform providing tools for self-directed investors, after about five years in the role, effective November 22, 2022.
MarketWise will undertake a search for a successor.
Mark Arnold’s duties as CEO will be taken over temporarily by Stephen Sjuggerud, currently editor at MarketWise Inc., as interim Chief Executive Officer.
Already a director
Sjuggerud is already a director of MarketWise. Having been a director, Sjuggerud understands the expectations and dynamics of the board and has knowledge of MarketWise’s organization, risk-management practices and strategy.
No reason given
In the announcement, MarketWise did not explicitly explain the reason for the move.
Precise information regarding Mark Arnold’s future plans was not immediately available.
“Resigned”
MarketWise said: “Mark Arnold has resigned as Chairman of the Board of Directors and Chief Executive Officer of MarketWise, and as a director of MarketWise. The Board has accepted his resignation and named Dr. Stephen Sjuggerud, a current director and two-decade veteran at MarketWise, interim Chief Executive Officer. These changes are effective immediately.”
MarketWise further said: “On November 22, 2022, MarketWise, Inc. (the “Company”) accepted Mark Arnold’s resignation from his positions as Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of the Company, and as a director of the Company, effective immediately.”
“These actions were not related to any matter regarding the Company’s financial condition, results of operations, internal controls, disclosure controls and procedures, policies or practices,” MarketWise said.
Share price decline since November 2021
The announcement follows a decline in MarketWise Inc.’s share price of 70% since November 2021.
In the position of CEO since 2017
Mark Arnold became CEO of the Company in 2017.
Mark Arnold has served as the Company’s Chief Executive Officer since 2017 and has served as a member of the Company’s board of directors since consummation of the Transactions in July 2021.
Prior to joining the Company, Mark Arnold spent fifteen years handling mergers and acquisitions and venture capital transactions in prestigious private law firms, Edwards Wildman Palmer LLP and Holland & Knight LLP.
Mark Arnold earned his undergraduate degree in public policy from Duke University followed by his law degree and MBA from the University of Florida.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Neal Walker’s move on a scale of 0 to 10.
exechange reached out to MarketWise and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2022 ($).