The company engaged in developing, designing, and manufacturing a range of security solution products, Costar Technologies Inc (OTCMKTS:CSTI), on June 2, 2022, announced that the Board of Directors appointed Scott Switzer as its President and Chief Executive Officer. Switzer has been serving as its CEO and Interim President since April 2020.
Market Reaction
On Thursday, CSTI stock gained 9.80% to $5.49 with 4K shares, compared to its average volume of 349 shares. The stock moved within a range of $ 5.21 – 5.49 after opening trade at $5.21.
Costar Technologies, Inc. Appoints Scott Switzer as the Company’s President and Chief Executive Officer
Sally Washlow, Chair of the Board of Directors said that Scott has been able to manage the company well and has played a key role in shaping its strategic direction. Washlow added that Switzer has navigated the firm through a challenging time in the global economy and embodies Costar’s core values. The Chair of the Board of Directors added that Switzer would be able to give expertise and leadership to take the company ahead.
Switzer said that it is a pivotal moment in Costar’s history and expressed that he was honored on the Board placing faith in him. He added that the company would continue to create long-term value for shareholders. Switzer has earlier served as the COO from April 2018 to 2020 and as CFO and Secretary from 2011 to April 2020.
Mr. Switzer started his career with the firm in 2001 and became Controller in 2008. Switzer has a BBA from the Hankamer School of Business at Baylor University.
Key Quote
Sally Washlow, Chair of the Board of Directors said, “Scott has managed Costar extremely well over the last two years and played a vital role in shaping the organization’s strategic direction. He skillfully navigated us through a particularly difficult time in the global economy. Scott embodies Costar’s core values and I am confident that he will provide the leadership and expertise needed to move the Company forward.”
Traders Review
CSTI stock is trading above the 20-Day and 50-Day Moving averages of $4.67 and $5.15 respectively. Moreover, the stock is trading above the 200-Day moving average of $4.61.
