Sid Nayar, chief financial officer of Nautilus since 2014, has resigned, the Vancouver-based exercise equipment brand announced Friday.
The board of directors accepted his resignation Monday and it becomes effective July 12, the company said in a regulatory filing.
Nayar is “moving on to a new opportunity” in California, Nautilus spokesman John Fread said.
Nayar becomes the latest top executive to depart Nautilus, which has had a bumpy first half of 2019.
Former CEO Bruce Cazenave announced his resignation in March. M. Carl Johnson III, who has been the Nautilus board chairman since 2010, took over as interim chief executive as Cazenave moved on to be CEO of Bluestem Group, a direct-to-consumer retailer based in Eden Prairie, Minn.
Nayar had been responsible for overseeing financial, accounting, information technology, risk management and investor relations activities for all brands in the Nautilus portfolio, according to the company website. Prior to joining Nautilus, Nayar served as chief financial officer of Congoleum Corp. of Mercerville, N.J., from 1999 to 2014.
Nautilus this year has seen its stock price plunge following consecutive quarters of subpar performance. Company officials have cited an unexpectedly poor rollout for a digital exercise program that, for a fee, paired with certain Nautilus products.
Since January the company’s stock price has plunged to depths not seen since 2011. On Friday, shares closed at $2.35 on the New York Stock Exchange, compared with about $16 at this time last year.
The board expects to engage an executive search firm to assist in identifying and evaluating candidates to be Nayar’s successor, the company said in its regulatory filing.
Meanwhile, Nautilus is committed to an “aggressive and active” search for a permanent chief executive, said Fread.