Mondee Holdings Shares Fall 21% After CEO Prasad Gundumogula Takes Leave of Absence

Dow Jones

2024-11-27

By Stephen Nakrosis

Shares of travel platform Mondee Holdings were trading in the red in after-hours action following news Chief Executive Prasad Gundumogula would take a leave of absence, effective Nov. 25.

He will continue to serve as a director and chairman of the board for the company, Mondee said Tuesday.

In late trading, shares of the company had fallen 21% to trade at 75 cents. The stock finished the day with a 6% loss, closing at 95 cents.

Year to date, the stock has fallen 65%.

Chief Financial Officer Jesus Portillo was named as interim CEO, effective Nov. 25, and will also continue in his duties as CFO, according to Mondee.

Portillo will receive an increased annualized base salary of $500,000, from $350,000, and will be named to the company's board.

Also on Tuesday, Mondee said it received a non-compliance notice from Nasdaq, due to the company's failure to timely file its form 10-Q with the Securities and Exchange Commission.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 26, 2024 18:37 ET (23:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The stock finished the day with a 6% loss, closing at 95 cents. \n</p>\n<p>\n  Year to date, the stock has fallen 65%. \n</p>\n<p>\n  Chief Financial Officer Jesus Portillo was named as interim CEO, effective Nov. 25, and will also continue in his duties as CFO, according to Mondee. \n</p>\n<p>\n  Portillo will receive an increased annualized base salary of $500,000, from $350,000, and will be named to the company's board. \n</p>\n<p>\n  Also on Tuesday, Mondee said it received a non-compliance notice from Nasdaq, due to the company's failure to timely file its form 10-Q with the Securities and Exchange Commission. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Stephen Nakrosis at stephen.nakrosis@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 26, 2024 18:37 ET (23:37 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2486859237","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2486859237","pubTimestamp":1732664220,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of travel platform Mondee Holdings were trading in the red in after-hours action following news Chief Executive Prasad Gundumogula would take a leave of absence, effective Nov. 25.He will continue to serve as a director and chairman of the board for the company, Mondee said Tuesday.In late trading, shares of the company had fallen 21% to trade at 75 cents. The stock finished the day with a 6% loss, closing at 95 cents.Year to date, the stock has fallen 65%.Chief Financial Officer Jesus Portillo was named as interim CEO, effective Nov. 25, and will also continue in his duties as CFO, according to Mondee.Portillo will receive an increased annualized base salary of $500,000, from $350,000, and will be named to the company's board.Also on Tuesday, Mondee said it received a non-compliance notice from Nasdaq, due to the company's failure to timely file its form 10-Q with the Securities and Exchange Commission.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"Mondee Holdings首席执行官Prasad Gundumogula休假后股价下跌21%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MOND":1},"content_text":"By Stephen Nakrosis \n\n\n \n\n\n  Shares of travel platform Mondee Holdings were trading in the red in after-hours action following news Chief Executive Prasad Gundumogula would take a leave of absence, effective Nov. 25. \n\n\n  He will continue to serve as a director and chairman of the board for the company, Mondee said Tuesday. \n\n\n  In late trading, shares of the company had fallen 21% to trade at 75 cents. The stock finished the day with a 6% loss, closing at 95 cents. \n\n\n  Year to date, the stock has fallen 65%. \n\n\n  Chief Financial Officer Jesus Portillo was named as interim CEO, effective Nov. 25, and will also continue in his duties as CFO, according to Mondee. \n\n\n  Portillo will receive an increased annualized base salary of $500,000, from $350,000, and will be named to the company's board. \n\n\n  Also on Tuesday, Mondee said it received a non-compliance notice from Nasdaq, due to the company's failure to timely file its form 10-Q with the Securities and Exchange Commission. \n\n\n \n\n\n  Write to Stephen Nakrosis at stephen.nakrosis@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 26, 2024 18:37 ET (23:37 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}