Shares of D-Wave Quantum Inc (NASDAQ:QBTS) are falling Wednesday afternoon following leadership turnover in the company’s executive suite.
- D-Wave Quantum stock is showing notable weakness. Why is QBTS stock falling?
CEO Highlights Markovich’s Legacy as Company Clarifies Non-Dispute Exit
The selloff follows disclosures that CFO John Markovich will retire effective Sept. 2. In a statement accompanying the announcement, CEO Alan Baratz expressed gratitude for the outgoing CFO’s tenure:
“John has made significant contributions to D-Wave’s success over the last five years, playing a pivotal role in taking the company public in 2022, raising over $900 million in capital, improving and growing our financial performance, and developing an achievable path for the company to reach profitability,” said Baratz. “I want to thank John for his partnership and wish him the very best in his retirement.”
To reassure investors, D-Wave explicitly confirmed in regulatory filings that Markovich’s departure is purely a retirement and not the result of any disagreement over operations, financial statements, accounting practices or internal controls.
Interim Transition Plans
Senior vice president of Finance Greg Golkov, who joined D-Wave in May 2023 with more than 25 years of corporate finance experience, will step into the role of acting CFO and principal accounting officer upon Markovich’s departure.
Despite executive reassurances and management’s praise for Golkov’s operational background, Wall Street responded cautiously to the high-level shift Wednesday.
QBTS Shares Slide Wednesday
QBTS Price Action: D-Wave Quantum shares were down 8.73% at $17.67 at the time of publication on Wednesday, according to Benzinga Pro data.
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