Acxiom (ACXM) Plunges On CEO Resignation, Weak Guidance

Just about everything seemed to go wrong for Acxiom Corp (NASDAQ:ACXM) on Wednesday, as it was announced the CEO of the company had resigned and the CFO was going to do the same soon.

Add to that the weak guidance of the company for fiscal 2011 and you have almost a perfect storm for the company, one they struggled to survive on the day.

CEO John Meyer was announced to have resigned effective March 28, on the assumption by many he was probably forced out. Jerry Gramaglia was set in as interim CEO.

Also announced was the upcoming resignation of CFO Christopher Wolf, which will take place in the second quarter.

Acxiom closed Wednesday at $13.50, plummeting $3.96, or 22.68 percent.