The Toronto-based legal and financial technology company, which was previously run by a committee of board directors, said Monday that chief operating officer Todd Schulte will be chief executive until the company makes a permanent appointment, while existing director Angela Zhang will lead the board. Zhang will take over for Mary Filippelli, who exited the company’s board just months after joining as chair in May. (The Logic)

Talking point: The company’s stock, which has lost over 98 per cent of its value over the last five years, surged more than 10 per cent on Monday afternoon as Zhang said in a press release that the firm would take a step toward “stability.” There has been a years-long battle for control of the company between activist investor groups Engine Capital, Plantro and OneMove. OneMove leader and former Dye & Durham executive Tyler Proud led the “transformation” committee behind the latest executive changeover. The moves may signal a shift in focus for the company, as Schulte leverages his background in operations and Filippelli, who has worked with OneMove on other activist campaigns, steps down. Zhang is an investor with experience in mid-sized software-company deals.

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