Steven Berrard, president and CEO of cleaning sanitation products company Swisher Hygeine Inc. (NASDAQ:SWSH), announced on August 20 that he would be stepping down as the firm's leader, send its small cap stock down to nearly a 52-week low.
According to Bloomberg, Berrard, who also serves as one of the largest shareholders, is expected to remain on the board, while executive vice president Thomas Byrne will reportedly take on the interim CEO role.
Adding insult to injury, Swisher also announced on Monday that it was contacted by the Nasdaq last week, which said the company was not in compliance with listing requirements after failing to provide a second-quarter earnings report on time. Nasdaq officials also added that they were still waiting for Swisher's financial results from 2011 and the first quarter of 2012. The company reportedly has until September 26 to provide the necessary information, and in order for it to hold on to its Nasdaq listing, must outline a plan for its releases by August 30.
By 3:50 pm on Monday, August 20, Swisher stock was down 21.3 percent to $1.63