Security tech company Evolv fires its chief executive
Amid the backdrop of a sales misconduct investigation and other legal troubles, security technology company Evolv is now firing its CEO
NEW YORK — Amid the backdrop of a sales misconduct investigation and other looming legal troubles, security technology company Evolv is now firing its CEO.
Evolv's board of directors terminated chief executive Peter George on Wednesday, effective immediately, according to a Thursday announcement from the company. Michael Ellenbogen, Evolv’s current chief innovation officer, will step into the role as interim CEO and president.
Specifics behind George's firing were not immediately clear — but Evolv noted the dismissal was without cause and followed months of “careful planning and deliberation” by the board.
The move arrives just days after Evolv disclosed an ongoing investigation into the company's sales practices, warning shareholders to no longer rely on recent financial statements. The board acknowledged this investigation Thursday, but maintained that it had been “evaluating leadership and performance for several months — long before we became aware of any potential issues relating to the Company’s sales practices and financial reporting.”
Evolv shared initial findings this investigation last week. An internal committee found that certain employees engaged in sales “subject to extra-contractual terms and conditions,” the company noted, some of which were not shared with accounting personnel. Evolv says it's trying to determine if this misconduct impacted revenue reports and other financial metrics, and if so, when senior personnel became aware.
How high up that could be has yet to be confirmed, but Evolv said it would take any remedial actions as necessary. As of Friday's
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