MobileIron shares plummet on weak preliminary Q3 results, CEO to depart

The enterprise mobility management firm has named a new chief executive for the second time in less than two years.

Enterprise mobility management firm MobileIron has named a new chief executive for the second time in less than two years.

The San Francisco-based company announced that Barry Mainz -- who was appointed to the CEO role in 2016 after MobileIron founder Bob Tinker stepped down -- is leaving the company effective immediately. His replacement is Simon Biddiscombe, who's served as MobileIron's CFO since 2015.

In a press release, the company said Mainz' exit was a "mutual decision" between him and the board. MobileIron board chairman Tae Hea Nahm said that Biddiscombe plans to focus MobileIron's strategic efforts around key products and markets while also working to ensure financial discipline.

MobileIron also released preliminary third quarter financial results that hint at lackluster growth and corporate profits, which likely played a role in Mainz' departure from the company. MobileIron went public in 2014.

    MobileIron said gross billings are expected to be between $49.5 million and $50.5 million, which represents growth between 5 percent and 7 percent above last year.

    Meanwhile, the company's revenue is projected to be in the range of $42 million to $43 million, which would represent growth of 1 to 4 percent year-over-year. Wall Street was looking for revenue of at least $45.2 million.

    MobileIron's share price plummeted almost 11 percent in after market trading.

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