By Dean Seal

Shares of Open Lending sank after the company reported a massive loss for the fourth quarter and had its third CEO change in about a year.

The stock was down 42% at $1.60 in early trading. Shares have now fallen 73% since the start of the year. They were trading around $5.96 this time a year ago.

The Austin, Texas, provider of loan and risk analytics to auto lenders said after the bell Monday that Board Chairman Jessica Buss is taking over as chief executive. She will retain her position as chairman but remove herself from the nominating, corporate governance and audit committees.

Buss succeeds Charles Jehl, who was named CEO in September. Jehl had been tapped the prior March for interim CEO after Keith Jezek left the top role. Jehl was already serving as chief financial officer at the time and was simultaneously appointed chief operating officer.

Jehl will continue to serve as interim CFO until a permanent successor is found. Michelle Glasl has been named Open Lending's new chief operating officer.

Open Lending also said Monday that it logged a $144.4 million loss in the fourth quarter due to the recording of a valuation allowance for deferred tax assets that drove up its income-tax expense.

Per share, the loss was $1.21. Analysts polled by FactSet had been expecting earnings of 2 cents a share.

Open Lending also recorded negative revenue during the quarter of $56.9 million due to a $81.3 million reduction in estimated profit-share revenue related to its business in historic vintages.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 01, 2025 11:03 ET (15:03 GMT)

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