On Friday, earbuds specialist Skullcandy (NASDAQ: SKUL ) announced that Chief Executive Officer Jeremy Andrus has decided to resign and take a position with a private investment firm, sparking a 7% sell-off in the stock.
Skullcandy said in a statement that it has begun a search for a new CEO. Andrus will remain a "consultant" to the company for the next 12 months. Meanwhile, director, former CEO, and company founder Rick Alden will step in to serve as Interim CEO.�
Simultaneously with this announcement, Skullcandy preannounced fiscal 2012 earnings, saying it expects pro forma per-share income to be "at the lower end of the $1.00-$1.04�range the Company provided on�November 1, 2012." GAAP net income is expected to be closer to $0.93 per share. Wall Street was looking for $1.01.�
Full financial results will be published on March 7, at which time Skullcandy says it will also provide new guidance for fiscal 2013.
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