RTTNews | Jan 13, 2022 11:01AM EST

11:01 Thursday, January 13, 2022 (RTTNews.com) - California-based big-data analysis company, Elastic N.V. (ESTC), is trading 10% lower after the company announced a change in leadership on Wednesday.

Founder Shay Banon will vacate his role as the chief of the company and will be replaced by Asish Kulkarni. Banon has also stepped down as the chairman of the board of directors. Chetan Puttagunta will is going to be appointed as the next chairman.

Ashish has been the chief product officer in the company since 2021 and is believed to be the driving force behind the success of the company's cloud business. Banon will remain as the chief technology officer of the company, a post which he held previously before becoming the CEO five years back. Paul Appleby has also stepped down from his role as the president of the worldwide field of operations.

The stock is currently trading hands at $98.32, down $12.72 or 11.46% since the previous close at $111.04. The stock opened at $101.83 in the morning. In the 52-week period, the stock has ranged between $97.89 and $189.84 per share.

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