Ouster, Inc. ( OUST ) shares are trading lower on Friday following the announcement of the departure of its Chief Financial Officer Mark Weinswig.

Weinswig will leave the company effective January 31, 2025, to pursue a new career opportunity.

Ouster stated that his resignation was not due to any disagreements related to the company’s operations, policies, accounting principles, financial statements, or disclosures.

Ouster’s Board of Directors has appointed Chen Geng, the company’s Vice President of Strategic Finance and Treasurer, as Interim CFO, also effective on the same day.

Geng, who joined Ouster in 2021, has been pivotal in the company’s financial and business functions, including strategic planning, mergers and acquisitions, and investor relations.

Ouster said it has already initiated a search for a permanent CFO.

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The company also confirmed that its revenue for the fourth quarter 2024 is expected to fall within its previously announced guidance range of $29 million to $31 million, based on preliminary results. The analyst view stands at $30 million.

In its third-quarter results, Ouster highlighted its progress in expanding software solutions and growing its installed base.

Notably, Ouster BlueCity achieved NEMA TS2 certification, the industry standard for safe traffic control, making it the first certified solution with Buy America(n)-certified lidar.

Additionally, Ouster integrated its Gemini digital lidar perception platform with Genetec Security Center, allowing customers to combine lidar and video surveillance into a unified interface for seamless security operations.

Price Action: OUST shares are trading lower by 3.90% to $10.83 at last check Friday.

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