LegalZoom Appoints Jeffrey Stibel as CEO

By Tamara Parker • Wednesday, July 10 15:15 • Permanent Link

LegalZoom.com, Inc. (NASDAQ: LZ) has announced a leadership transition, with the current Chairman of the Board of Directors, Jeffrey Stibel, being named the company's next CEO, effective immediately. This change comes as the company shifts its focus towards subscription-based revenue to drive long-term profitable growth. As part of this transition, the current Chief Executive Officer, Dan Wernikoff, will be departing the company, including resigning from the board.

Jeffrey Stibel, who has been a deeply involved member of the board for nearly a decade, will bring extensive knowledge of the company's product offerings, technology infrastructure, and attorney network to the role of CEO. He has a track record of successfully scaling and enhancing profitability for subscription technology offerings, which aligns with LegalZoom's strategic focus.

For the second quarter ending June 30, 2024, LegalZoom expects revenue in the range of $172 million to $176 million and adjusted EBITDA in the range of $25 million to $27 million. Looking ahead to the full year ending December 31, 2024, the company reiterates its expectation for adjusted EBITDA to be in the range of $135 million to $145 million. However, LegalZoom is reducing its revenue expectation for the full year to a range of $675 million to $685 million and its free cash flow expectation for the full year to a range of $75 million to $85 million. The market has reacted to these announcements by moving the company's shares -22.6% to a price of $6.08. Check out the company's full 8-K submission here.

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