Synchronoss Technologies Inc. stock plummeted 47.3% in Thursday morning trade on news that the company’s chief executive officer and chief financial officer are leaving the company to “pursue other interests” and a first-quarter revenue warning. Trading volume Thursday morning was already 14 times the full day average. Synchronoss Chief Executive Officer Ronald Hovsepian will be replaced by the company’s founder and chairman Stephen Waldis and Chief Financial Officer John Frederick will be replaced by Lawrence Irving. Both the new CEO and CFO have served in the positions before, the company said. Synchronoss also said it expects total revenue in the first quarter to come in $13 million to $14 million below the company’s guidance, which was $173 million to $178 million, according to FactSet, compared with the FactSet consensus of $175.5 million. The company also said it expects operating margins to come in below its guidance. Synchronoss is “disappointed” with its first-quarter performance, which follows a $821 million acquisition of software provider Intralinks Holdings in December, and it will likely affect full year guidance. Company shares have plummeted 67.2% over the last three months, compared with a 4.1% rise in the S&P 500 .
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