The previous week ended on a sour note for Odyssey Semiconductor Technologies Inc (OTCMKTS:ODII) investors. The company made an announcement with regards to an important new appointment and that led to a quick selloff the in the stock. While the semiconductor devices company saw its stock slump by as much as 42%, it might be the right time to take a look at the specific appointments. Rick Brown, who is a co-founder of the company and presently, a board member and the Chief Technology Officer, was made the interim Chief Executive Officer. The appointment is going to go into effect from September 22, 2021.
The move from the company came in the wake of the resignation from Alex Behfar, who had been the Chairman, Chief Executive Officer and Board Member at Odyssey Semiconductor. In this context, it should be noted that although Rick Brown is going to be the CEO on a temporary basis, the company also announced that it has already started a search for a permanent CEO. However, the situation has not actually enamoured investors to the Odyssey stock and that was possibly visible from the strong selloff in the stock on Friday.
