NEW YORK - LivePerson Inc. (NASDAQ: NASDAQ:LPSN), a global leader in conversational AI, announced Monday the appointment of Christopher Mina as Chief Technology & Product Officer. Mina, a seasoned expert in digital communication platforms and conversational AI, will shape the company's product vision and drive technological advancements.
Mina's career includes significant roles at Vonage, where he oversaw product strategy and execution for the Global Apps business, and at RingCentral (NYSE:RNG) as Director of Engineering and Product. His previous tenure at LivePerson saw him lead voice initiatives and contribute to key acquisitions, positioning him as a valuable asset in the company's pursuit of innovation in customer engagement solutions. With LivePerson's current debt-to-capital ratio at 86%, InvestingPro analysis indicates the company operates with a significant debt burden that will require strategic management.
CEO John Sabino highlighted Mina's strategic vision for AI integration across communication channels and his track record in guiding enterprises through digital transformations. Mina expressed enthusiasm for his return to LivePerson, aiming to enhance product strategy and customer engagement through AI technologies.
LivePerson's Conversational Cloud platform is utilized by major brands to facilitate nearly a billion conversational interactions monthly. The company is recognized for its AI-driven customer experience solutions, which are backed by comprehensive data analytics and safety tools. This appointment is part of LivePerson's ongoing efforts to deliver high-quality, scalable enterprise software.
The information for this news article is based on a press release statement from LivePerson, Inc.
In other recent news, LivePerson Inc. reported Q2 2024 earnings with a revenue of $79.9 million and an adjusted EBITDA of $8.2 million, despite a year-over-year decline in B2B hosted services revenue and core recurring revenue. The company also announced the departure of its Chief Product & Technology Officer, Alex Kroman, and is actively seeking a successor. In a strategic move, LivePerson expanded its board of directors with the appointment of two new members, Dan Fletcher and Karin-Joyce (KJ) Tjon, to enhance shareholder value.
The company also expanded its stock incentive and employee stock purchase plans, following approval from shareholders. A cooperation agreement was announced with Vector Capital Management, its largest shareholder, and Dan Fletcher, CFO of Planful, was nominated for election to the board. LivePerson implemented cost reductions, including the divestiture of Wild Health, resulting in savings of $3 to $5 million in expenses.
Lastly, despite an expected sequential revenue decline, LivePerson plans to raise new capital to reduce debt. The company ended the quarter with $146 million in cash and anticipates improvements in new annual recurring revenue. These are all recent developments that have marked the company's progress.
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