LegalZoom Stock Hits All-Time Low as CEO Departs, Company Cuts Outlook

Core Points - LegalZoom's shares dropped 30% to an all-time low following the announcement of CEO Dan Wernikoff's departure and a reduction in full-year guidance [1][5][6] - The company is transitioning to a subscription-based revenue model to drive long-term profitable growth [6] - Jeffrey Stibel, a current board member and entrepreneur, has been appointed as the new CEO [3][5][7] Financial Outlook - LegalZoom revised its 2024 revenue outlook to a range of $675 million to $685 million, down from $700 million to $720 million [6] - The company's free cash flow estimate was also reduced to $75 million to $85 million, compared to the previous estimate of $85 million to $95 million [6]