Five9 stock dropped on Monday after the cloud software business announced the retirement of its CEO and disclosed preliminary third-quarter data.

According to a corporate news release, Five9 (ticker: FIVN) Chief Executive Officer Rowan Trollope has stepped down as CEO and from the board of directors, choosing a post as CEO of a privately owned pre-IPO company. Five9 FIVN -25.56% chairman and former CEO Mike Burkland will succeed Trollope.