UiPath shares tank 30% after company announces CEO shakeup

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UiPath shares plunged more than 30% on Wednesday after the software company said CEO Rob Enslin is resigning effective June 1, and being replaced by co-founder Daniel Dines, who stepped down as co-CEO on Jan. 31.

"I am convinced that UiPath will continue to define what's possible for our customers and partners in the AI and automation market," Enslin said, adding his decision to resign came "after much reflection."

Dines co-founded UiPath in 2005 with Marius Tirca. The company makes software which automates repetitive and "menial" tasks, but its stock has suffered under Enslin's sole leadership. Shares are down 26% year-to-date, after the company debuted in one of the largest U.S. software IPOs ever in 2021.

— Our's Ari Levy contributed to this report.

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