Avigilon CFO Is Out, Stock Down 20% Today

Avigilon announced on May 6th that their CFO, Brad Baruda "is no longer with the Company." The previous CFO (until 2012) and current Director, Wan Jung, will be interim CFO until a headhunter can find a permanent replacement.

Avigilon said Baruda's exit is "in connection with a personal health issue."

In the past 6 months, executives in charge of operations, finance, marketing and human resources have all exited Avigilon.

Today, May 7th, Avigilon will report Q1 2014 earnings. BMO Capital Markets says consensus estimates are for a robust 74% year over year growth rate. IPVM will report on financial details and discussion on the Avigilon investor's call.

UPDATE: At ~1pm EDT, Avigilon's stock price is down 20% on the day. This is a very significant drop that follows a 26% drop over the past few months. After peaking at ~$34 per share in February, Avigilon is now to ~$20 per share.

A one day drop this steep means that investors are nervous, either because of the CFO news or because they suspect Avigilon missed their quarterly numbers. We'll report more in a few hours when they are disclosed.