ChargePoint Plunges 38% After Sales Miss, CEO Is Replaced (1)

ChargePoint Holdings Inc. shares collapsed after the company announced the sudden replacement of its longtime chief executive officer and posted disappointing quarterly revenue.

The stock — which had already lost more than two thirds of its value this year — plunged as much as 38%, its biggest intraday decline ever. The electric-vehicle charging company’s market capitalization fell to around $750 million from a peak of $11.2 billion in June 2021.

The company said after the market close Thursday that Pasquale Romano, who had been CEO since 2011, and Chief Financial Officer Rex Jackson were replaced. ChargePoint also released ...