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Everbridge David Meredith CEO Resigns - Stock Tanks 50%

December 13, 2021

David Meredith has notified the Everbridge Board of Directors of his intention to resign from his role as Chief Executive Officer (“CEO”) of the Company and as a member of the Board of Directors of the Company. The Board of Directors has accepted Mr. Meredith’s resignation.

With the news shares of Everbridge lost half their value on Friday. During November, the stock fell 29%. The slide began after the company’s earnings report. The firm had better-than-expected Q3 sales and guided optimistically.

Everbridge will immediately establish an Office of the CEO and begin to transition leadership to long-tenured company executives Patrick Brickley, Executive Vice President and Chief Financial Officer, and Vernon Irvin, Executive Vice President and Chief Revenue Officer. Mr. Brickley and Mr. Irvin will partner as Co-CEOs to assume strategic and operational control of the business. The Company has initiated a search for a permanent CEO and will consider both internal and external candidates.

“The Board of Directors and I are confident that Vernon Irvin and Patrick Brickley can lead the company forward as Co-CEO's together and deliver on the company's mission of ‘keeping people safe and organizations running faster’,” said Jaime Ellertson, Chairman of Everbridge’s Board of Directors. “We are fortunate to have two incredibly respected and seasoned executives taking on this partnership. Both Patrick and Vernon are strong leaders with deep hands-on operating knowledge and a commitment to the continued success of Everbridge in the future.”

The Company reiterates its financial guidance for the fourth quarter and full year 2021, as provided in a press release issued on November 9, 2021. On a preliminary basis, the Company anticipates revenue growth of 20% to 23% in 2022, not including the impact of any potential future acquisitions. Mr. Meredith's resignation is not related to any matter regarding the Company's financial condition, reported financial results, internal controls or disclosure controls and procedures.

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