On The Rise Lightspeed Commerce Inc. has ousted chief executive officer Jean Paul Chauvet, replacing him with founder Dax Dasilva on an interim basis in a management shakeup following the collapse of its stock last week.
“I thank JP for his contributions, service and leadership at Lightspeed over the past 11 years,” Mr. Dasilva said in a release.
Lightspeed stock, which has dropped 30 per cent in the last year, increased on Thursday.
Mr. Dasilva, the Montreal company’s 47-year-old original CEO, had ceded the top job to his long time second-in-command two years ago to pursue other interests, including funding conservation projects, and completing his university degree. Mr. Chauvet was an experienced software executive who had joined the 19-year-old company after it raised outside venture capital and was regarded as the operator within Lightspeed, while Mr. Dasilva had more recently focused on specific areas of the company including improving product before his retirement. Mr. Dasilva had held onto most of his stock except for a divestiture to provide $40-million in funding for his conservation non-profit organization, Age of Union.
Lightspeed has also pushed out chief product and technology officer Ryan Tabone, replacing him with John Shaprio, senior vice president of retail technology. Director Patrick Pichette, former chief financial officer of Google and currently the company’s lead independent director, will replace Mr. Dasilva as interim chairman.
“On behalf of the board, we welcome back Dax Dasilva as Lightspeed’s interim CEO,” Mr. Pichette said in the release. “His exceptional track record as the founder of this company speaks volumes about his visionary leadership and dedication to success over the years. Under his guidance we have witnessed remarkable growth and innovation, propelling Lightspeed to the category leader it is today. I am confident that he will continue to steer Lightspeed towards new heights of success.”