Why was the CEO firedHe spent $70 million on a new analytic system that needs another $35 million to get the kinks out.
That is $105 million and they lost customers doing it.
Element manages more than 1 million vehicles for corporate customers and spent $70 million on a big-data driven platform for customers using artificial intelligence and predictive analytics.
But the system's glitches cost Element's former chief executive his job and helped send the company's shares down more than 50 percent this year. Element said it is fixing the problems and will spend $35 million more in 2018 on product enhancements.
"The bumps we've had in rolling out a new platform is indicative of the complexity of pivoting to new transportation models that are still being invented," said Michele Cunningham, Element's senior vice president for products and services.