- After around 28 years in the position
- Praise and thanks for LoCascio
- Search for a successor
- LoCascio said 91 words
(exechange) — New York, July 12, 2023 — Rob LoCascio, chief executive of LivePerson, leaves his position. As announced by LivePerson Inc. in a news release and in a regulatory filing published on Wednesday, July 12, 2023, Robert P. (Rob) LoCascio leaves his post as chief executive officer at the specialist in conversational AI, after around 28 years in the role, effective December 31, 2023.
It is the end of an era.
LivePerson will undertake a search for a successor.
Jill Layfield, Lead Independent Director of the Board, has assumed the role of Board Chair.
“Deliver enhanced stockholder value”
LivePerson did not give an explicit reason for Rob LoCascio’s planned departure from the CEO post. Board Chair Jill Layfield stated: “We are excited to capitalize on the launch of our new generative AI products and platforms, and are focused on identifying a CEO who will build on our market leadership and usher in the next chapter of growth to deliver enhanced stockholder value.”
Precise information regarding Rob LoCascio’s future plans was not immediately available.
LivePerson said: “Robert LoCascio will depart as Chief Executive Officer, effective December 31, 2023 at the end of the term of his contract, which will not be renewed.”
Share price decline since July 2021
The announcement follows a decline in LivePerson Inc.’s share price of 93% since July 2021.
In the position of CEO since 1995
Rob LoCascio became CEO of the Company in 1995.
LoCascio will also resign from the Board concurrent with his departure as Chief Executive Officer.
LoCascio has been CEO and Chairman since founding the Company in 1995 with the invention of Web Chat.
In addition to his role at LivePerson, LoCascio is a founding board member of EqualAI, an organization which works with companies, policymakers, and experts to reduce bias in AI.
LoCascio has been widely recognized for his leadership in the technology space and was the winner of the 2015 Smart CEO Circle of Evidence Award and was named a New York City Ernst & Young Entrepreneur of the Year finalist in 2001 and 2008.
LoCascio is also a founding member of the NYC Entrepreneurs Council of the Partnership for New York City.
In 2001, LoCascio started the Dream Big Foundation with its first program, FeedingNYC, which gives families in need a Thanksgiving dinner.
Its second program, the Dream Big Entrepreneurship Initiative, launched in 2014 to fund, mentor, coach and empower local entrepreneurs in underserved communities.
LoCascio received a B.B.A. degree from Loyola College.
91 words by Rob LoCascio
In the news release announcing his departure as CEO of LivePerson Inc., Rob LoCascio received praise and thanks.
In announcing his departure, Rob LoCascio said 91 words.
“The AI landscape is evolving rapidly”
Rob LoCascio stated: “Since founding LivePerson over 25 years ago, we have been at the forefront of technology advancements, pushing the boundaries of digital and human conversations. The AI landscape is evolving rapidly and LivePerson’s future is bright. I am committed to facilitating a seamless transition for all stakeholders, and remain focused on executing on our profitable growth goals. It has been a privilege to work with such a passionate, driven group of colleagues at LivePerson to pioneer new technology, innovate together with our customers and partners and drive significant value for our shareholders.”
39% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 315 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 12, 2022, to July 11, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or pursuit of other opportunities were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 39% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, three in eight departing CEOs were forced out or fired.
Push-out Score for Rob LoCascio’s move determined
The Push-out Score regarding Rob LoCascio’s move is explained point by point in the exechange report.
exechange reached out to LivePerson and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2023 ($).