12:02 PM EDT, 10/31/2024 (MT Newswires) -- Evolv Technologies Holdings ( EVLV ) said Thursday its board terminated Chief Executive and President Peter George without cause.

Chief Innovation Officer Michael Ellenbogen, who co-founded the company in 2013 and previously served as CEO, will serve as interim president and CEO while a search is conducted for a permanent CEO, the company said.

"The board has been evaluating leadership and performance for several months -- long before we became aware of any potential issues relating to the company's sales practices and financial reporting," Evolv ( EVLV ) said. "With respect to that ongoing [internal] investigation, the board remains committed to completing a thorough investigation as expeditiously as possible."

The company said its board plans to name a new CEO "expeditiously."

Evolv ( EVLV ) shares were down nearly 12% in recent trading.

Price: 2.07, Change: -0.28, Percent Change: -11.75