Clear Secure, Inc. (YOU) plummeted 5.55% in pre-market trading on Wednesday, as the secure identity platform company announced a major leadership transition with the departure of its co-founder, President, and CFO Ken Cornick.

Cornick, who helped bring Clear Secure's vision to life and scale the company to over 30 million members, is stepping down from his executive roles but will remain involved as an advisor. The company has named Michael Barkin as its new President and Jen Hsu as the new Chief Financial Officer, effective March 31st.

While Clear Secure portrayed the changes as part of its "next phase of growth," investors appeared to react negatively to the exit of a long-time key executive like Cornick, as well as uncertainty around the new leadership team's ability to execute the company's strategy and drive further expansion.