Wix Says It Will Separate Chairman And CEO Positions

Shares of Wix.Com Ltd (NASDAQ: WIX) surged higher by more than 10 percent on Wednesday after the company announced its decision to separate the positions of Chairman and CEO.

Avishai Abrahami currently holds the title of both Chairman and CEO of Wix. Following the company's decision to separate the two positions, Abrahami will fully devote "his time, skills and expertise to the continued growth of the company as CEO."

Mark Tluszcz has been appointed as a Non-Executive Chairman of the Board of Directors. He has been a member of Wix's Board since 2010 and is also a Managing Partner and Co-Founder of Mangrove Capital Partners, a venture capital firm that was also an early investor in the company.